US stock futures muted as rate cut bets wane ahead of Jackson Hole
Thomas Scott, the Executive Vice President and General Counsel of Cirrus Logic, Inc. (NASDAQ:CRUS), recently executed several stock transactions involving the company’s common stock, according to a Form 4 filing with the Securities and Exchange Commission. The transactions come as the company maintains a strong financial health score of "GREAT" according to InvestingPro analysis, despite the stock’s 25.5% decline over the past six months.
On March 3, Scott sold 3,000 shares of Cirrus Logic stock at a weighted average price of $103.76 per share, totaling approximately $311,280. This sale was made under a pre-established Rule 10b5-1 trading plan adopted on August 9, 2024.
In addition to the sale, Scott also reported several other transactions on March 2. He acquired 4,079 shares through the vesting of performance-based restricted stock units (PBRSUs), which were determined based on pre-established performance metrics over a three-year period. Additionally, Scott acquired 3,031 shares through the vesting of restricted stock units (RSUs). Both acquisitions were reported at a price of $0 per share as they were part of compensation packages.
Furthermore, Scott withheld 1,778 shares to cover tax obligations from the vesting of these units, valued at $104.21 per share, resulting in a total of $185,285 for these transactions.
After these transactions, Scott’s direct ownership in Cirrus Logic amounted to 26,307 shares.
In other recent news, Cirrus Logic reported its fiscal third-quarter earnings and revenue, surpassing Wall Street expectations. The company announced adjusted earnings per share of $2.51, exceeding the analyst consensus estimate of $2.03. Revenue reached $555.7 million, significantly higher than the anticipated $521.44 million. This strong performance was attributed to higher-than-expected shipments into smartphones and robust demand for its audio components. Cirrus Logic’s President and CEO, John Forsyth, highlighted the company’s success in exceeding their guidance range due to increased smartphone shipments. Additionally, the company noted progress in its laptop business, being featured in Intel (NASDAQ:INTC)’s Arrow Lake reference design. Looking ahead, Cirrus Logic forecasts fourth-quarter revenue between $350 million and $410 million, compared to the $379.8 million consensus estimate. These developments reflect Cirrus Logic’s strong market position and strategic advancements.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.