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.
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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.
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