Cirrus Logic (NASDAQ:CRUS) EVP Jeffrey Baumgartner Sells 1,166 Shares

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Jeffrey Baumgartner sold 1,166 shares of the company’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $138.57, for a total transaction of $161,572.62. Following the completion of the sale, the executive vice president directly owned 15,239 shares in the company, valued at approximately $2,111,668.23. This represents a 7.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Up 0.0%

Shares of NASDAQ CRUS opened at $136.16 on Wednesday. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $180.42. The firm has a fifty day simple moving average of $155.42 and a 200 day simple moving average of $148.82. The company has a market capitalization of $6.87 billion, a PE ratio of 17.37 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating 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 business had revenue of $448.52 million for the quarter, compared to analysts’ expectations of $442.25 million. During the same quarter in the prior year, the firm posted $1.67 earnings per share. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, equities analysts expect that Cirrus Logic, Inc. will post 7.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CRUS has been the topic of a number of research analyst reports. Barclays increased their price target on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. KeyCorp lowered their price objective on shares of Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating for the company in a research note on Tuesday, July 14th. Zacks Research downgraded shares of 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 note on Wednesday, June 24th. Finally, Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Five equities 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.com, Cirrus Logic currently has an average rating of “Moderate Buy” and an average target price of $160.29.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. E. Ohman J or Asset Management AB increased its holdings in shares of Cirrus Logic by 5.1% during the second quarter. E. Ohman J or Asset Management AB now owns 27,553 shares of the semiconductor company’s stock valued at $4,092,000 after acquiring an additional 1,341 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of Cirrus Logic by 6.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 17,195 shares of the semiconductor company’s stock worth $2,554,000 after purchasing an additional 1,100 shares in the last quarter. Elevation Wealth Partners LLC lifted its holdings in shares of Cirrus Logic by 72.5% in the 2nd quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 124 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Cirrus Logic by 37.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company’s stock valued at $31,766,000 after purchasing an additional 58,446 shares during the period. Finally, 55 North Private Wealth LLC bought a new stake in Cirrus Logic during the 2nd quarter valued at $212,000. Institutional investors own 87.96% of the company’s stock.

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.