Cirrus Logic, Inc. (NASDAQ:CRUS) VP Randolph K. Carlson sold 7,265 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $42.03, for a total value of $305,347.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Cirrus Logic, Inc. (CRUS) opened at $41.77 on Friday. Cirrus Logic, Inc. has a 52-week low of $39.51 and a 52-week high of $71.97. The company has a market capitalization of $2,696.87, a price-to-earnings ratio of 15.03, a PEG ratio of 1.24 and a beta of -0.02.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Monday, February 5th. The semiconductor company reported $1.59 EPS for the quarter, missing the consensus estimate of $1.78 by ($0.19). Cirrus Logic had a return on equity of 22.60% and a net margin of 11.89%. The firm had revenue of $482.70 million for the quarter, compared to analysts’ expectations of $530.99 million. During the same quarter in the prior year, the business earned $1.87 earnings per share. The company’s quarterly revenue was down 7.7% on a year-over-year basis. analysts forecast that Cirrus Logic, Inc. will post 3.78 EPS for the current fiscal year.
Cirrus Logic declared that its board has approved a stock repurchase program on Monday, February 5th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the semiconductor company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Cirrus Logic during the fourth quarter worth $100,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Cirrus Logic by 72.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock worth $138,000 after buying an additional 1,086 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Cirrus Logic by 96.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock worth $157,000 after buying an additional 1,372 shares during the period. Delpha Capital Management LLC purchased a new position in shares of Cirrus Logic during the fourth quarter worth $161,000. Finally, Capital Fund Management S.A. purchased a new position in shares of Cirrus Logic during the fourth quarter worth $200,000. Institutional investors and hedge funds own 89.81% of the company’s stock.
Several equities research analysts recently commented on the company. BidaskClub cut Cirrus Logic from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th. ValuEngine raised Cirrus Logic from a “hold” rating to a “buy” rating in a report on Friday, February 9th. Craig Hallum lowered their price objective on Cirrus Logic from $54.00 to $44.00 and set a “hold” rating for the company in a research report on Tuesday, February 6th. Needham & Company LLC lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Tuesday, February 6th. Finally, Bank of America lowered their price objective on Cirrus Logic from $50.00 to $41.00 and set a “sell” rating for the company in a research report on Tuesday, February 6th. Five analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $60.92.
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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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