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

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Jeffrey Baumgartner sold 3,907 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $168.54, for a total transaction of $658,485.78. Following the completion of the sale, the executive vice president directly owned 17,575 shares in the company, valued at $2,962,090.50. This represents a 18.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Price Performance

NASDAQ:CRUS opened at $164.40 on Friday. The firm’s 50-day moving average price is $163.40 and its 200-day moving average price is $140.99. The company has a market capitalization of $8.29 billion, a PE ratio of 20.97 and a beta of 1.15. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42.

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, topping analysts’ consensus estimates of $1.76 by $0.19. The firm had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company’s revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.67 EPS. Equities analysts anticipate that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC lifted its stake in shares of Cirrus Logic by 16.3% in the 1st quarter. Parallel Advisors LLC now owns 1,591 shares of the semiconductor company’s stock worth $230,000 after purchasing an additional 223 shares during the period. Leigh Baldwin & CO. LLC bought a new position in shares of Cirrus Logic in the 1st quarter worth approximately $223,000. Cim Investment Management Inc. lifted its stake in shares of Cirrus Logic by 35.0% in 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 lifted its stake in shares of Cirrus Logic by 42.0% in the 1st quarter. Amundi now owns 120,738 shares of the semiconductor company’s stock worth $17,461,000 after purchasing an additional 35,693 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake 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 worth $209,000 after purchasing an additional 232 shares during the period. Institutional investors own 87.96% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on CRUS. KeyCorp upped their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic 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. Barclays upped their price target on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Friday, March 27th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $161.71.

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.