Cirrus Logic (NASDAQ:CRUS) EVP Sells 1,166 Shares

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

Cirrus Logic Price Performance

CRUS stock traded down $3.69 during trading on Monday, hitting $111.64. 715,454 shares of the stock traded hands, compared to its average volume of 658,447. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of 13.66 and a beta of 1.18. Cirrus Logic, Inc. has a 1 year low of $109.88 and a 1 year high of $180.42. The firm’s 50 day moving average is $139.15 and its two-hundred day moving average is $148.47.

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

Wall Street Analysts Forecast Growth

CRUS has been the topic of several recent analyst reports. Zacks Research cut Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Wall Street Zen cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Barclays dropped their price target on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a report on Thursday, August 6th. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Finally, KeyCorp cut their price objective on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $150.71.

Hedge Funds Weigh In On Cirrus Logic

Institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System lifted its position in Cirrus Logic by 14,777.9% during the second quarter. California State Teachers Retirement System now owns 8,769,954 shares of the semiconductor company’s stock valued at $1,302,601,000 after purchasing an additional 8,711,008 shares in the last quarter. Wedmont Private Capital grew its stake in shares of Cirrus Logic by 6.9% during the 2nd quarter. Wedmont Private Capital now owns 1,644 shares of the semiconductor company’s stock valued at $247,000 after acquiring an additional 106 shares during the period. AlphaGrep UK Ltd purchased a new stake in Cirrus Logic in the 2nd quarter worth approximately $244,000. Turner Financial Group Inc. bought a new stake in Cirrus Logic during the 2nd quarter worth approximately $467,000. Finally, denkapparat Operations GmbH lifted its holdings in Cirrus Logic by 18.0% during the second quarter. denkapparat Operations GmbH now owns 7,194 shares of the semiconductor company’s stock valued at $1,069,000 after purchasing an additional 1,096 shares in the last quarter. 87.96% of the stock is owned by institutional investors.

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.