Insider Selling: Cirrus Logic (NASDAQ:CRUS) EVP Sells $137,459.74 in Stock

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

Cirrus Logic Stock Down 1.0%

Shares of Cirrus Logic stock opened at $110.34 on Thursday. The company has a market cap of $5.53 billion, a P/E ratio of 13.51 and a beta of 1.18. The firm’s 50 day moving average price is $136.07 and its 200-day moving average price is $148.01. Cirrus Logic, Inc. has a 52-week low of $109.88 and a 52-week high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.03. The company had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.51 EPS. As a group, equities research analysts forecast that Cirrus Logic, Inc. will post 7.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. lifted its stake in Cirrus Logic by 120.0% during 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 in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of 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 buying an additional 220 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Cirrus Logic in the 4th quarter valued at $33,000. Torren Management LLC purchased a new stake in shares of Cirrus Logic in the 4th quarter valued at $35,000. Finally, Elevation Wealth Partners LLC lifted its stake in Cirrus Logic by 72.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 124 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on CRUS. Barclays reduced their price target on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a report on Thursday, August 6th. KeyCorp cut their price objective on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a research report on Thursday, August 6th. Zacks Research downgraded Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Wall Street Zen lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Stifel Nicolaus dropped their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $150.71.

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.