Cirrus Logic (NASDAQ:CRUS) EVP Jeffrey Baumgartner Sells 3,907 Shares of Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Jeffrey Baumgartner sold 3,907 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total transaction of $658,485.78. Following the sale, the executive vice president directly owned 17,575 shares in the company, valued at approximately $2,962,090.50. The trade was a 18.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Performance

CRUS stock opened at $175.63 on Friday. The firm has a market cap of $8.88 billion, a PE ratio of 22.40 and a beta of 1.15. The firm’s 50 day moving average price is $162.97 and its 200-day moving average price is $140.83. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. The company had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.26 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.67 earnings per share. Equities research analysts predict that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CRUS shares. Barclays boosted their target price on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Zacks Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Friday, March 27th. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research report on Thursday, May 7th. Finally, KeyCorp boosted their target price on Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $161.71.

Institutional Trading of Cirrus Logic

A number of large investors have recently made changes to their positions in the company. Thrivent Financial for Lutherans boosted its holdings in shares of Cirrus Logic by 102.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 25,341 shares of the semiconductor company’s stock valued at $3,175,000 after buying an additional 12,828 shares in the last quarter. Mach 1 Financial Group LLC acquired a new position in shares of Cirrus Logic in the 4th quarter valued at $736,000. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Cirrus Logic by 9.8% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company’s stock valued at $15,391,000 after buying an additional 11,607 shares in the last quarter. Optas LLC boosted its holdings in shares of Cirrus Logic by 298.7% in the 4th quarter. Optas LLC now owns 8,030 shares of the semiconductor company’s stock valued at $952,000 after buying an additional 6,016 shares in the last quarter. Finally, Lecap Asset Management Ltd. acquired a new position in shares of Cirrus Logic in the 4th quarter valued at $888,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.