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 stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $107.75, for a total transaction of $125,636.50. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Performance

NASDAQ:CRUS traded down $0.17 during mid-day trading on Wednesday, reaching $110.64. The stock had a trading volume of 601,661 shares, compared to its average volume of 697,832. The firm has a market capitalization of $5.55 billion, a price-to-earnings ratio of 13.54 and a beta of 1.17. Cirrus Logic, Inc. has a twelve month low of $105.10 and a twelve month high of $180.42. The business has a 50 day simple moving average of $115.20 and a 200 day simple moving average of $141.05.

Cirrus Logic (NASDAQ:CRUS) last released 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. The company had revenue of $459.72 million for the quarter, compared to analysts’ expectations of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.51 EPS. As a group, sell-side analysts expect that Cirrus Logic, Inc. will post 7.20 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Weiss Ratings raised Cirrus Logic from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday. Susquehanna reduced their target price on Cirrus Logic from $200.00 to $170.00 and set a “positive” rating for the company in a report on Wednesday. Wall Street Zen lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Sunday. KeyCorp lowered shares of Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 15th. Finally, Barclays cut shares of Cirrus Logic from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $130.00 to $95.00 in a research note on Tuesday. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $147.86.

Institutional Investors Weigh In On Cirrus Logic

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased 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 1st quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company’s stock valued at $192,055,000 after purchasing an additional 83,897 shares in the last quarter. Bank of America Corp DE purchased a new position in Cirrus Logic in the 2nd quarter valued at approximately $168,329,000. Quantinno Capital Management LP raised its holdings in Cirrus Logic by 21.1% during the first quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company’s stock worth $136,262,000 after purchasing an additional 163,979 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings 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 worth $68,509,000 after purchasing an additional 120,935 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

About Cirrus Logic

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.