Insider Selling: Cirrus Logic, Inc. (CRUS) VP Sells 7,265 Shares of Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) VP Randolph K. Carlson sold 7,265 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $42.03, for a total value of $305,347.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Shares of Cirrus Logic, Inc. (NASDAQ CRUS) opened at $41.77 on Friday. The stock has a market capitalization of $2,646.80, a P/E ratio of 10.39, a P/E/G ratio of 1.22 and a beta of -0.02. Cirrus Logic, Inc. has a 12 month low of $39.51 and a 12 month high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Monday, February 5th. The semiconductor company reported $1.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.78 by ($0.19). The business had revenue of $482.70 million for the quarter, compared to the consensus estimate of $530.99 million. Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period last year, the business posted $1.87 EPS. equities analysts anticipate that Cirrus Logic, Inc. will post 3.78 earnings per share for the current year.

Cirrus Logic announced that its Board of Directors has initiated a stock repurchase plan on Monday, February 5th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Several research firms have recently commented on CRUS. Needham & Company LLC downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Tuesday, February 6th. Barclays decreased their price objective on Cirrus Logic from $45.00 to $36.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 6th. BidaskClub downgraded Cirrus Logic from a “sell” rating to a “strong sell” rating in a research note on Tuesday, December 12th. Craig Hallum reaffirmed a “hold” rating and issued a $54.00 price objective (down previously from $63.00) on shares of Cirrus Logic in a research note on Friday, November 3rd. Finally, Northland Securities reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Cirrus Logic in a research note on Tuesday, February 6th. Five research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $60.92.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its stake in Cirrus Logic by 2.9% during the 4th quarter. BlackRock Inc. now owns 7,070,636 shares of the semiconductor company’s stock valued at $366,682,000 after purchasing an additional 197,960 shares during the period. LSV Asset Management raised its stake in Cirrus Logic by 0.7% during the 4th quarter. LSV Asset Management now owns 3,198,586 shares of the semiconductor company’s stock valued at $165,878,000 after purchasing an additional 21,327 shares during the period. State Street Corp raised its stake in Cirrus Logic by 2.2% during the 2nd quarter. State Street Corp now owns 2,274,959 shares of the semiconductor company’s stock valued at $142,688,000 after purchasing an additional 48,716 shares during the period. Bank of New York Mellon Corp raised its stake in Cirrus Logic by 7.8% during the 4th quarter. Bank of New York Mellon Corp now owns 1,764,220 shares of the semiconductor company’s stock valued at $91,491,000 after purchasing an additional 127,027 shares during the period. Finally, Old Mutual Global Investors UK Ltd. raised its stake in Cirrus Logic by 86.5% during the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 1,623,684 shares of the semiconductor company’s stock valued at $84,204,000 after purchasing an additional 753,200 shares during the period. 89.81% of the stock is currently owned by institutional investors.

TRADEMARK VIOLATION WARNING: This article was first reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this article on another publication, it was illegally copied and reposted in violation of international copyright and trademark legislation. The original version of this article can be read at https://ledgergazette.com/2018/02/18/insider-selling-cirrus-logic-inc-crus-vp-sells-7265-shares-of-stock.html.

About Cirrus Logic

Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.

Insider Buying and Selling by Quarter for Cirrus Logic (NASDAQ:CRUS)

Receive News & Ratings for Cirrus Logic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply