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

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Jeffrey Baumgartner sold 1,170 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $168.23, for a total value of $196,829.10. Following the sale, the executive vice president owned 16,405 shares of the company’s stock, valued at approximately $2,759,813.15. This represents a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Trading Down 2.3%

CRUS opened at $153.98 on Friday. The company’s 50 day moving average is $166.56 and its 200 day moving average is $145.41. The company has a market cap of $7.77 billion, a price-to-earnings ratio of 19.64 and a beta of 1.15. Cirrus Logic, Inc. has a 12-month low of $92.02 and a 12-month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating 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 business had revenue of $448.52 million during the quarter, compared to analysts’ expectations of $442.25 million. During the same period in the prior year, the company earned $1.67 earnings per share. The firm’s revenue was up 5.7% on a year-over-year basis. As a group, analysts predict that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Zacks Research downgraded Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Barclays lifted their price target on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research report on Thursday, May 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Friday, March 27th. Finally, KeyCorp lifted their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $161.71.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. increased its holdings 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 purchasing an additional 120 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 220 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in Cirrus Logic during the 4th quarter valued at approximately $33,000. Torren Management LLC bought a new stake in Cirrus Logic in the 4th quarter worth approximately $35,000. Finally, Kestra Advisory Services LLC bought a new stake in Cirrus Logic in the 4th quarter worth approximately $36,000. Institutional investors own 87.96% of the company’s stock.

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.