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

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

Cirrus Logic Price Performance

Shares of Cirrus Logic stock opened at $157.67 on Thursday. The firm’s fifty day simple moving average is $166.69 and its 200-day simple moving average is $145.19. Cirrus Logic, Inc. has a 12 month low of $92.02 and a 12 month high of $180.42. The stock has a market capitalization of $7.95 billion, a price-to-earnings ratio of 20.11 and a beta of 1.15.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share 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 during the quarter, compared to analysts’ expectations of $442.25 million. During the same quarter in the prior year, the business earned $1.67 EPS. Cirrus Logic’s quarterly revenue was up 5.7% compared to the same quarter last year. Analysts anticipate that Cirrus Logic, Inc. will post 8.05 earnings per share for the current year.

Institutional Trading of Cirrus Logic

A number of institutional investors have recently modified their holdings of the business. Parallel Advisors LLC lifted its holdings in Cirrus Logic by 16.3% in the first quarter. Parallel Advisors LLC now owns 1,591 shares of the semiconductor company’s stock valued at $230,000 after acquiring an additional 223 shares during the period. Leigh Baldwin & CO. LLC acquired a new position in shares of Cirrus Logic during the 1st quarter worth $223,000. Cim Investment Management Inc. grew its stake in shares of Cirrus Logic by 35.0% during the 1st quarter. Cim Investment Management Inc. now owns 3,689 shares of the semiconductor company’s stock worth $534,000 after purchasing an additional 957 shares during the period. Amundi increased its holdings in shares of Cirrus Logic by 42.0% in the 1st quarter. Amundi now owns 120,738 shares of the semiconductor company’s stock valued at $17,461,000 after purchasing an additional 35,693 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Cirrus Logic by 19.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,443 shares of the semiconductor company’s stock valued at $209,000 after purchasing an additional 232 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on CRUS. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a report on Thursday, May 7th. Barclays upped their price objective on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, KeyCorp boosted their price target on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.