Cirrus Logic (NASDAQ:CRUS) EVP Sells $658,485.78 in Stock

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

Cirrus Logic Stock Down 6.4%

Shares of CRUS opened at $164.40 on Friday. The stock’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 price-to-earnings ratio of 20.97 and a beta of 1.15. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $180.42.

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

Hedge Funds Weigh In On Cirrus Logic

A number of large investors have recently bought and sold shares of CRUS. Parallel Advisors LLC raised its holdings in shares of Cirrus Logic by 16.3% during the first quarter. Parallel Advisors LLC now owns 1,591 shares of the semiconductor company’s stock valued at $230,000 after acquiring an additional 223 shares during the last quarter. Leigh Baldwin & CO. LLC acquired a new position in shares of Cirrus Logic during the first quarter valued at approximately $223,000. Cim Investment Management Inc. raised its holdings in shares of Cirrus Logic by 35.0% during the first quarter. Cim Investment Management Inc. now owns 3,689 shares of the semiconductor company’s stock valued at $534,000 after acquiring an additional 957 shares during the last quarter. Amundi raised its holdings in shares of Cirrus Logic by 42.0% during the first quarter. Amundi now owns 120,738 shares of the semiconductor company’s stock valued at $17,461,000 after acquiring an additional 35,693 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Cirrus Logic by 19.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,443 shares of the semiconductor company’s stock valued at $209,000 after acquiring an additional 232 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CRUS shares. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a report on Thursday, May 7th. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a report on Thursday. KeyCorp boosted their price target on Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, Barclays upped their price target on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.