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

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Jeffrey Baumgartner sold 1,166 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $117.89, for a total transaction of $137,459.74. Following the sale, the executive vice president owned 14,073 shares in the company, valued at approximately $1,659,065.97. This trade represents a 7.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Performance

Shares of NASDAQ:CRUS opened at $111.43 on Wednesday. Cirrus Logic, Inc. has a 52-week low of $109.88 and a 52-week high of $180.42. The firm has a fifty day moving average of $137.07 and a 200 day moving average of $148.22. The firm has a market capitalization of $5.58 billion, a PE ratio of 13.64 and a beta of 1.18.

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CRUS. Wall Street Zen downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Zacks Research cut shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Finally, KeyCorp decreased their target price on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, August 6th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $150.71.

Hedge Funds Weigh In On Cirrus Logic

Several institutional investors and hedge funds have recently bought and sold shares of CRUS. Caitong International Asset Management Co. Ltd lifted its position 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 valued at $26,000 after purchasing an additional 220 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Cirrus Logic by 120.0% in the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after buying an additional 120 shares during the period. Kohmann Bosshard Financial Services LLC bought a new stake in Cirrus Logic during the 4th quarter valued at $33,000. Torren Management LLC bought a new stake in Cirrus Logic during the 4th quarter valued at $35,000. Finally, Kestra Advisory Services LLC purchased a new stake in Cirrus Logic during the 4th quarter valued at $36,000. 87.96% of the stock is currently owned by institutional investors.

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.