David J. Tupman Sells 1,541 Shares of Cirrus Logic, Inc. (CRUS) Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) Director David J. Tupman sold 1,541 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $49.43, for a total value of $76,171.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Shares of CRUS stock traded up $0.52 during trading hours on Friday, hitting $49.20. 2,881 shares of the company were exchanged, compared to its average volume of 701,547. Cirrus Logic, Inc. has a one year low of $31.25 and a one year high of $50.12. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 2.59 and a beta of 0.65.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.12 by $0.04. Cirrus Logic had a net margin of 7.59% and a return on equity of 10.65%. The business had revenue of $240.44 million for the quarter, compared to analysts’ expectations of $219.67 million. During the same quarter last year, the company posted $0.51 earnings per share. The company’s quarterly revenue was down 20.7% compared to the same quarter last year. On average, equities research analysts expect that Cirrus Logic, Inc. will post 1.29 earnings per share for the current fiscal year.

Cirrus Logic declared that its Board of Directors has approved a stock repurchase program on Wednesday, January 30th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 8.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Several hedge funds have recently modified their holdings of the company. BB&T Corp lifted its position in shares of Cirrus Logic by 1.0% during the first quarter. BB&T Corp now owns 23,494 shares of the semiconductor company’s stock worth $989,000 after purchasing an additional 240 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Cirrus Logic by 0.3% in the fourth quarter. California State Teachers Retirement System now owns 94,092 shares of the semiconductor company’s stock worth $3,122,000 after acquiring an additional 312 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Cirrus Logic by 10.6% in the fourth quarter. Public Employees Retirement System of Ohio now owns 3,339 shares of the semiconductor company’s stock worth $111,000 after acquiring an additional 320 shares during the last quarter. Teachers Advisors LLC lifted its holdings in Cirrus Logic by 0.4% in the third quarter. Teachers Advisors LLC now owns 133,374 shares of the semiconductor company’s stock worth $5,148,000 after acquiring an additional 547 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its holdings in Cirrus Logic by 596.7% in the first quarter. Quadrant Capital Group LLC now owns 641 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 549 shares during the last quarter. 89.01% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have recently weighed in on CRUS shares. BidaskClub upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Wednesday, January 16th. Craig Hallum downgraded Cirrus Logic from a “buy” rating to a “hold” rating and lowered their target price for the company from $44.00 to $38.00 in a research note on Thursday, January 31st. Zacks Investment Research upgraded Cirrus Logic from a “sell” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Friday, February 1st. TheStreet downgraded Cirrus Logic from a “b-” rating to a “c” rating in a research note on Friday, February 1st. Finally, ValuEngine upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. Cirrus Logic has a consensus rating of “Buy” and a consensus target price of $45.00.

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About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.

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