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 stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $168.23, for a total transaction of $196,829.10. Following the completion of the transaction, the executive vice president owned 16,405 shares of the company’s stock, valued at $2,759,813.15. This trade represents a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Trading Down 0.1%

NASDAQ:CRUS traded down $0.11 during midday trading on Wednesday, hitting $157.67. 447,755 shares of the stock were exchanged, compared to its average volume of 630,211. The company has a market capitalization of $7.95 billion, a price-to-earnings ratio of 20.11 and a beta of 1.15. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42. The business has a 50-day moving average price of $166.76 and a two-hundred day moving average price of $144.94.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $442.25 million. During the same period last year, the firm earned $1.67 EPS. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. Sell-side analysts forecast that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Institutional Trading of Cirrus Logic

Several institutional investors and hedge funds have recently bought and sold shares of CRUS. Parallel Advisors LLC boosted its holdings in shares of Cirrus Logic by 6.2% in the fourth quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock worth $162,000 after buying an additional 80 shares during the period. CIBC Private Wealth Group LLC lifted its position in shares of Cirrus Logic by 29.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 88 shares in the last quarter. Kendall Capital Management lifted its position in shares of Cirrus Logic by 0.9% in the 4th quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company’s stock valued at $1,256,000 after acquiring an additional 90 shares in the last quarter. EP Wealth Advisors LLC boosted its stake in Cirrus Logic by 1.7% in the 2nd quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock worth $598,000 after purchasing an additional 95 shares during the period. Finally, Diversified Trust Co grew its position in Cirrus Logic by 1.1% during the 1st quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company’s stock worth $1,316,000 after purchasing an additional 102 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CRUS shares. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research report on Thursday, May 7th. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Friday, March 27th. Finally, KeyCorp increased 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 issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $161.71.

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.