Cirrus Logic (NASDAQ:CRUS) EVP Jeffrey Baumgartner Sells 3,907 Shares

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Jeffrey Baumgartner sold 3,907 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total value of $658,485.78. Following the completion of the transaction, the executive vice president directly owned 17,575 shares in the company, valued at $2,962,090.50. The trade was a 18.19% decrease in their position. The transaction was disclosed in a document filed 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 Performance

NASDAQ:CRUS traded down $3.27 during mid-day trading on Thursday, hitting $175.63. The company had a trading volume of 370,607 shares, compared to its average volume of 642,343. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $180.42. The business’s fifty day moving average is $162.32 and its two-hundred day moving average is $140.43. The firm has a market cap of $8.88 billion, a P/E ratio of 22.40 and a beta of 1.15.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The firm had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.26 million. During the same quarter in the prior year, the firm posted $1.67 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. Equities analysts forecast that Cirrus Logic, Inc. will post 8.05 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research note on Thursday, May 7th. Zacks Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research report on Thursday. KeyCorp raised their price target on Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research report on Friday, March 27th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $161.71.

Institutional Investors Weigh In On Cirrus Logic

A number of hedge funds have recently modified their holdings of the business. Thrivent Financial for Lutherans grew its holdings in shares of Cirrus Logic by 102.5% during the third quarter. Thrivent Financial for Lutherans now owns 25,341 shares of the semiconductor company’s stock worth $3,175,000 after buying an additional 12,828 shares in the last quarter. Mach 1 Financial Group LLC bought a new position in shares of Cirrus Logic during the fourth quarter worth about $736,000. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in shares of Cirrus Logic by 9.8% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company’s stock worth $15,391,000 after buying an additional 11,607 shares in the last quarter. Optas LLC grew its holdings in shares of Cirrus Logic by 298.7% during the fourth quarter. Optas LLC now owns 8,030 shares of the semiconductor company’s stock worth $952,000 after buying an additional 6,016 shares in the last quarter. Finally, Lecap Asset Management Ltd. bought a new position in shares of Cirrus Logic during the fourth quarter worth about $888,000. Institutional investors and hedge funds 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.