Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Jeffrey W. Baumgartner Sells 10,000 Shares

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Jeffrey W. Baumgartner sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the executive vice president now directly owns 14,001 shares in the company, valued at $1,400,100. This represents a 41.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Cirrus Logic Trading Up 1.1%

CRUS traded up $1.08 during midday trading on Friday, hitting $101.13. 93,808 shares of the company traded hands, compared to its average volume of 635,158. The business has a 50 day simple moving average of $95.14 and a two-hundred day simple moving average of $100.51. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46. The company has a market capitalization of $5.21 billion, a price-to-earnings ratio of 18.32 and a beta of 0.93.

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

Cirrus Logic declared that its board has initiated a stock repurchase program on Tuesday, May 6th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. KBC Group NV raised its stake in Cirrus Logic by 52.5% in the 4th quarter. KBC Group NV now owns 1,896 shares of the semiconductor company's stock valued at $189,000 after purchasing an additional 653 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Cirrus Logic by 8.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 2,992 shares of the semiconductor company's stock valued at $298,000 after purchasing an additional 221 shares during the period. State of New Jersey Common Pension Fund D boosted its holdings in Cirrus Logic by 13.0% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 20,871 shares of the semiconductor company's stock worth $2,078,000 after acquiring an additional 2,399 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Cirrus Logic by 19.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,248 shares of the semiconductor company's stock worth $1,419,000 after buying an additional 2,320 shares during the period. Finally, Intech Investment Management LLC lifted its stake in shares of Cirrus Logic by 52.9% in the fourth quarter. Intech Investment Management LLC now owns 13,689 shares of the semiconductor company's stock worth $1,363,000 after acquiring an additional 4,739 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

About Cirrus Logic

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.