Cirrus Logic (NASDAQ:CRUS) EVP Jeffrey Baumgartner Sells 1,170 Shares of Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Jeffrey Baumgartner sold 1,170 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $168.23, for a total transaction of $196,829.10. Following the sale, the executive vice president directly owned 16,405 shares in the company, valued at $2,759,813.15. This trade represents a 6.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Performance

Shares of NASDAQ CRUS traded down $0.11 during midday trading on Wednesday, hitting $157.67. The company’s stock had a trading volume of 447,755 shares, compared to its average volume of 630,211. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42. The firm’s fifty day moving average price is $166.76 and its 200-day moving average price is $144.94. The firm has a market cap of $7.95 billion, a P/E ratio of 20.11 and a beta of 1.15.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm had revenue of $448.52 million for the quarter, compared to analysts’ expectations of $442.25 million. During the same quarter last year, the company posted $1.67 earnings per share. Cirrus Logic’s revenue was up 5.7% on a year-over-year basis. As a group, research analysts predict that Cirrus Logic, Inc. will post 8.05 earnings per share for the current fiscal year.

Institutional Trading of Cirrus Logic

Hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. increased its holdings in shares of Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 120 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in Cirrus Logic by 7,333.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 220 shares during the period. Kohmann Bosshard Financial Services LLC bought a new position in Cirrus Logic in the 4th quarter valued at about $33,000. Torren Management LLC acquired a new position in Cirrus Logic during the 4th quarter valued at about $35,000. Finally, Kestra Advisory Services LLC acquired a new position in Cirrus Logic during the 4th quarter valued at about $36,000. Institutional investors own 87.96% of the company’s stock.

Wall Street Analysts Forecast Growth

CRUS has been the topic of several analyst reports. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research report on Thursday, May 7th. KeyCorp boosted their price target on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Friday, March 27th. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cirrus Logic has an average rating of “Moderate Buy” and an average price target of $161.71.

Cirrus Logic Company Profile

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.