Jeffrey Baumgartner Sells 1,458 Shares of Cirrus Logic (NASDAQ:CRUS) Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Jeffrey Baumgartner sold 1,458 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $145.97, for a total value of $212,824.26. Following the completion of the transaction, the executive vice president owned 16,405 shares in the company, valued at approximately $2,394,637.85. This trade represents a 8.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS opened at $146.24 on Friday. The business’s 50 day moving average price is $164.19 and its 200-day moving average price is $146.19. The firm has a market capitalization of $7.38 billion, a PE ratio of 18.65 and a beta of 1.17. Cirrus Logic, Inc. has a 1 year low of $92.02 and a 1 year high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating the consensus estimate of $1.76 by $0.19. The firm had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.25 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The firm’s revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.67 EPS. As a group, analysts expect that Cirrus Logic, Inc. will post 8.05 earnings per share for the current year.

Institutional Investors Weigh In On Cirrus Logic

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mach 1 Financial Group LLC acquired a new position in shares of Cirrus Logic in the 4th quarter worth approximately $736,000. LSV Asset Management increased its holdings in Cirrus Logic by 1.0% in the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock valued at $279,215,000 after purchasing an additional 23,703 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its position in Cirrus Logic by 9.8% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company’s stock valued at $15,391,000 after purchasing an additional 11,607 shares during the period. Lecap Asset Management Ltd. purchased a new stake in Cirrus Logic in the fourth quarter valued at approximately $888,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Cirrus Logic by 2,574.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 67,791 shares of the semiconductor company’s stock worth $8,033,000 after purchasing an additional 65,256 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Wall Street Analyst Weigh In

CRUS has been the subject of a number of recent research reports. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research report on Thursday, May 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Barclays raised their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Finally, KeyCorp upped their price target 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 assigned a Hold rating to the stock. According to MarketBeat, Cirrus Logic presently has an average rating of “Moderate Buy” and an average price target of $161.71.

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.