Insider Selling: Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Sells 10,000 Shares of Stock

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Jeffrey W. Baumgartner sold 10,000 shares of Cirrus Logic stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $1,000,000.00. Following the sale, the executive vice president now directly owns 14,001 shares of the company's stock, valued at approximately $1,400,100. The trade was a 41.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Cirrus Logic Stock Up 1.0%

CRUS traded up $0.99 on Friday, hitting $101.04. The company's stock had a trading volume of 390,737 shares, compared to its average volume of 637,837. The company's 50 day simple moving average is $95.16 and its 200-day simple moving average is $100.50. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46. The firm has a market cap of $5.21 billion, a P/E ratio of 18.34 and a beta of 0.93.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.52. The company had revenue of $424.46 million for the quarter, compared to analysts' expectations of $380.26 million. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The firm's revenue was up 14.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.24 EPS. Equities analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic declared that its board has authorized a share buyback program on Tuesday, May 6th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Barclays lifted their price objective on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Benchmark reissued a "buy" rating and issued a $125.00 price target on shares of Cirrus Logic in a research note on Wednesday, March 19th. Stifel Nicolaus set a $120.00 price target on Cirrus Logic in a report on Wednesday, May 7th. Finally, Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $128.33.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds have recently modified their holdings of the company. Arizona State Retirement System boosted its stake in Cirrus Logic by 0.7% in the 4th quarter. Arizona State Retirement System now owns 15,492 shares of the semiconductor company's stock worth $1,543,000 after purchasing an additional 101 shares in the last quarter. May Hill Capital LLC increased its holdings in shares of Cirrus Logic by 5.4% during the 1st quarter. May Hill Capital LLC now owns 2,220 shares of the semiconductor company's stock valued at $221,000 after purchasing an additional 113 shares in the last quarter. Beverly Hills Private Wealth LLC increased its holdings in shares of Cirrus Logic by 3.7% during the 1st quarter. Beverly Hills Private Wealth LLC now owns 3,440 shares of the semiconductor company's stock valued at $343,000 after purchasing an additional 124 shares in the last quarter. Truvestments Capital LLC increased its holdings in Cirrus Logic by 3.5% in the 4th quarter. Truvestments Capital LLC now owns 3,981 shares of the semiconductor company's stock worth $396,000 after acquiring an additional 133 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC increased its holdings in Cirrus Logic by 4.2% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 3,769 shares of the semiconductor company's stock worth $376,000 after acquiring an additional 151 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.