Cirrus Logic (NASDAQ:CRUS) Stock: Insider 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, September 21st. The stock was sold at an average price of $119.00, for a total transaction of $138,754.00. Following the completion of the transaction, the executive vice president directly owned 12,907 shares in the company, valued at $1,535,933. This trade represents a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Trading Down 1.4%

CRUS opened at $118.80 on Friday. The stock has a market cap of $5.95 billion, a price-to-earnings ratio of 14.54 and a beta of 1.16. Cirrus Logic, Inc. has a 1 year low of $106.26 and a 1 year high of $180.42. The stock has a fifty day moving average price of $121.57 and a 200 day moving average price of $144.14.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS 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 firm had revenue of $459.72 million for the quarter, compared to the consensus estimate of $460.32 million. During the same quarter in the previous year, the company posted $1.51 earnings per share. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Cirrus Logic, Inc. will post 7.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cirrus Logic

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in Cirrus Logic during the 2nd quarter valued at approximately $840,638,000. Dimensional Fund Advisors LP lifted its holdings in shares of Cirrus Logic by 6.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company’s stock worth $192,055,000 after buying an additional 83,897 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Cirrus Logic in the second quarter valued at approximately $168,329,000. Quantinno Capital Management LP boosted its position in shares of Cirrus Logic by 21.1% in the first quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company’s stock valued at $136,262,000 after acquiring an additional 163,979 shares during the period. Finally, Allianz Asset Management GmbH grew its stake in shares of Cirrus Logic by 33.5% in the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock worth $127,224,000 after acquiring an additional 269,391 shares during the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Stifel Nicolaus reduced their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Wall Street Zen downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. KeyCorp reduced their price objective on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Zacks Research downgraded shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Finally, Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $150.71.

Cirrus Logic Company Profile

Cirrus Logic, Inc (NASDAQ: CRUS) is a fabless semiconductor company that develops high-performance, low-power integrated circuits and related software. Its products are designed to process audio and other mixed-signal information in electronic devices, helping manufacturers deliver high-quality sound, efficient power management and responsive user experiences.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, smart codecs, haptic-control solutions and other mixed-signal components.