Cirrus Logic (NASDAQ:CRUS) EVP Sells $161,572.62 in Stock

Key Points

• Cirrus Logic EVP Jeffrey Baumgartner sold 1,166 shares for $161,572.62 at an average price of $138.57 under a pre-arranged Rule 10b5-1 plan. His remaining stake fell 7.11% to 15,239 shares.
• Cirrus Logic shares declined 0.6% to $135.33, with the stock trading below its 50-day and 200-day moving averages. The company has a $6.83 billion market capitalization and a 52-week range of $92.02 to $180.42.
• The semiconductor company recently beat quarterly earnings and revenue estimates, while analysts maintain a “Moderate Buy” consensus with an average price target of $160.29; institutional investors own nearly 88% of outstanding shares.

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Jeffrey Baumgartner sold 1,166 shares of the business's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $138.57, for a total value of $161,572.62. Following the sale, the executive vice president owned 15,239 shares in the company, valued at approximately $2,111,668.23. The trade was a 7.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Down 0.6%

Shares of NASDAQ:CRUS traded down $0.79 during midday trading on Tuesday, reaching $135.33. The company's stock had a trading volume of 174,651 shares, compared to its average volume of 629,858. The firm has a market capitalization of $6.83 billion, a PE ratio of 17.26 and a beta of 1.17. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $180.42. The stock has a fifty day moving average of $155.92 and a 200 day moving average of $148.70.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.19. The company had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.25 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The firm's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period last year, the firm earned $1.67 EPS. Sell-side analysts anticipate that Cirrus Logic, Inc. will post 7.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. KeyCorp lowered their price target on shares of Cirrus Logic from $200.00 to $190.00 and set an "overweight" rating on the stock in a report on Tuesday, July 14th. Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a report on Thursday, May 7th. Finally, Barclays boosted their price objective on Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a research report on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $160.29.

Institutional Investors Weigh In On Cirrus Logic

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRUS. Geneos Wealth Management Inc. raised its position in shares of Cirrus Logic by 120.0% in the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company's stock valued at $32,000 after buying an additional 120 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company's stock valued at $26,000 after acquiring an additional 220 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at about $33,000. Torren Management LLC purchased a new position in Cirrus Logic in the 4th quarter worth approximately $35,000. Finally, Elevation Wealth Partners LLC lifted its stake in Cirrus Logic by 72.5% in the 2nd quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company's stock worth $44,000 after purchasing an additional 124 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

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.

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