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

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Jeffrey Baumgartner sold 3,907 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $168.54, for a total value of $658,485.78. Following the transaction, the executive vice president owned 17,575 shares of the company’s stock, valued at approximately $2,962,090.50. This trade represents a 18.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Down 1.8%

Shares of CRUS stock traded down $3.27 during trading hours on Thursday, reaching $175.63. 370,607 shares of the company’s stock were exchanged, compared to its average volume of 642,343. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $180.42. The stock has a market capitalization of $8.88 billion, a P/E ratio of 22.40 and a beta of 1.15. The business has a fifty day moving average price of $162.32 and a 200-day moving average price of $140.43.

Cirrus Logic (NASDAQ:CRUS) last issued 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 return on equity of 20.48% and a net margin of 20.75%.The business had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.26 million. During the same period in the prior year, the company posted $1.67 earnings per share. Cirrus Logic’s revenue was up 5.7% on a year-over-year basis. As a group, research analysts expect that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Cirrus Logic

Several hedge funds have recently added to or reduced their stakes in CRUS. Royal Bank of Canada boosted its holdings in Cirrus Logic by 92.3% in the first quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock valued at $7,189,000 after acquiring an additional 34,629 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Cirrus Logic by 24.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock valued at $132,000 after acquiring an additional 263 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Cirrus Logic by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock valued at $21,372,000 after acquiring an additional 9,658 shares during the last quarter. Focus Partners Wealth bought a new position in Cirrus Logic in the first quarter valued at about $361,000. Finally, Geneos Wealth Management Inc. boosted its holdings in Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock valued at $47,000 after acquiring an additional 232 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

Analyst Ratings Changes

CRUS has been the topic of several research analyst reports. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a report on Thursday, May 7th. Barclays increased their target price on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Benchmark increased their target price on Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. KeyCorp increased their target price on Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Finally, Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a report on Thursday. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.