Insider Selling: Cirrus Logic, Inc. (NASDAQ:CRUS) VP Sells $76,000.00 in Stock

Posted by Defense World Staff on Sep 3rd, 2023

Cirrus Logic, Inc. (NASDAQ:CRUS – Get Free Report) VP Andrew Brannan sold 950 shares of the firm’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $80.00, for a total value of $76,000.00. Following the sale, the vice president now directly owns 6,555 shares of the company’s stock, valued at $524,400. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Cirrus Logic Trading Up 1.1 %

CRUS opened at $82.92 on Friday. Cirrus Logic, Inc. has a 1 year low of $61.94 and a 1 year high of $111.15. The stock has a fifty day moving average price of $79.97 and a 200 day moving average price of $86.99. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of 31.17, a PEG ratio of 12.39 and a beta of 0.94.

Cirrus Logic (NASDAQ:CRUS – Get Free Report) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.23. Cirrus Logic had a return on equity of 16.18% and a net margin of 8.38%. The company had revenue of $317.02 million for the quarter, compared to analyst estimates of $290.58 million. As a group, sell-side analysts forecast that Cirrus Logic, Inc. will post 4.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cirrus Logic

A number of institutional investors have recently made changes to their positions in the business. Denali Advisors LLC increased its stake in shares of Cirrus Logic by 33.3% in the fourth quarter. Denali Advisors LLC now owns 400 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 100 shares during the period. Kendall Capital Management increased its stake in Cirrus Logic by 1.7% during the second quarter. Kendall Capital Management now owns 7,615 shares of the semiconductor company’s stock valued at $617,000 after acquiring an additional 125 shares during the period. Profund Advisors LLC increased its stake in Cirrus Logic by 3.2% during the second quarter. Profund Advisors LLC now owns 4,011 shares of the semiconductor company’s stock valued at $325,000 after acquiring an additional 125 shares during the period. PNC Financial Services Group Inc. increased its stake in Cirrus Logic by 6.3% during the second quarter. PNC Financial Services Group Inc. now owns 2,168 shares of the semiconductor company’s stock valued at $176,000 after acquiring an additional 128 shares during the period. Finally, Treasurer of the State of North Carolina increased its stake in Cirrus Logic by 0.6% during the first quarter. Treasurer of the State of North Carolina now owns 26,120 shares of the semiconductor company’s stock valued at $2,857,000 after acquiring an additional 147 shares during the period. 90.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CRUS has been the subject of several research reports. Susquehanna raised their price objective on Cirrus Logic from $90.00 to $95.00 and gave the stock a “positive” rating in a research note on Friday, August 4th. StockNews.com started coverage on Cirrus Logic in a research report on Sunday, August 20th. They issued a “hold” rating for the company. Loop Capital cut Cirrus Logic from a “buy” rating to a “hold” rating and decreased their target price for the stock from $92.00 to $80.00 in a research report on Monday, May 22nd. Finally, Bank of America raised their target price on Cirrus Logic from $75.00 to $80.00 in a research report on Friday, August 4th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $99.00.

Read Our Latest Stock Report on Cirrus Logic

Cirrus Logic Company Profile

(Get Free Report)

Cirrus Logic, Inc engages in the development of mixed-signal processing solutions. Its product lines include audio and High-Performance Mixed-Signal (HPMS) products. It operates through the following geographical segments: China, Hong Kong, Vietnam, South Korea, India, United States, and Rest of World.