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 business’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $107.75, for a total transaction of $125,636.50. Following the completion of the sale, the executive vice president directly owned 11,741 shares of the company’s stock, valued at $1,265,092.75. This represents a 9.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Down 0.1%

Shares of NASDAQ:CRUS opened at $110.49 on Friday. Cirrus Logic, Inc. has a 12-month low of $105.10 and a 12-month high of $180.42. The company’s 50 day moving average price is $114.76 and its two-hundred day moving average price is $140.53. The firm has a market cap of $5.54 billion, a PE ratio of 13.52 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The company had revenue of $459.72 million during the quarter, compared to the consensus estimate of $460.32 million. During the same period in the previous year, the business earned $1.51 earnings per share. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. On average, research analysts expect that Cirrus Logic, Inc. will post 7.20 EPS for the current year.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Cirrus Logic during the 2nd quarter worth approximately $840,638,000. Dimensional Fund Advisors LP increased its stake in Cirrus Logic by 6.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company’s stock valued at $192,055,000 after acquiring an additional 83,897 shares during the last quarter. Bank of America Corp DE bought a new position in Cirrus Logic in the second quarter valued at approximately $168,329,000. Quantinno Capital Management LP increased its stake in 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 last quarter. Finally, First Trust Advisors LP raised its position in Cirrus Logic by 34.3% during the first quarter. First Trust Advisors LP now owns 473,721 shares of the semiconductor company’s stock valued at $68,509,000 after purchasing an additional 120,935 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CRUS shares. KeyCorp lowered Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 15th. Zacks Research downgraded Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Wall Street Zen downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Sunday, October 18th. Weiss Ratings raised Cirrus Logic from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, October 16th. Finally, Susquehanna reduced their target price on Cirrus Logic from $200.00 to $170.00 and set a “positive” rating on the stock in a report on Wednesday. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Cirrus Logic presently has a consensus rating of “Hold” and an average price target of $147.86.

Cirrus Logic Company Profile

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.