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 that occurred on Thursday, August 20th. The shares were sold at an average price of $117.89, for a total value of $137,459.74. Following the completion of the transaction, the executive vice president directly owned 14,073 shares of the company’s stock, valued at $1,659,065.97. This trade represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Trading Down 3.2%

CRUS stock opened at $111.64 on Tuesday. The stock has a market cap of $5.60 billion, a P/E ratio of 13.66 and a beta of 1.18. Cirrus Logic, Inc. has a twelve month low of $109.88 and a twelve month high of $180.42. The company’s 50 day moving average is $138.06 and its two-hundred day moving average is $148.38.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.03. The business had revenue of $459.72 million during the quarter, compared to analysts’ expectations of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.51 EPS. On average, equities research analysts predict that Cirrus Logic, Inc. will post 7.47 earnings per share for the current year.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. lifted its position in Cirrus Logic by 120.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 120 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in shares of Cirrus Logic by 7,333.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 220 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Cirrus Logic in the fourth quarter valued at approximately $33,000. Torren Management LLC purchased a new stake in shares of Cirrus Logic during the fourth quarter worth approximately $35,000. Finally, Elevation Wealth Partners LLC raised its stake in shares of Cirrus Logic by 72.5% during the second quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Wall Street Analysts Forecast Growth

CRUS has been the topic of a number of research analyst reports. Zacks Research cut Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. KeyCorp dropped their price target on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Wall Street Zen cut Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $150.71.

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.