Cirrus Logic (NASDAQ:CRUS) EVP Jeffrey Baumgartner Sells 1,166 Shares of Stock

Key Points

• Cirrus Logic EVP Jeffrey Baumgartner sold 1,166 shares at an average price of $117.89, generating $137,459.74. The transaction was made under a pre-arranged Rule 10b5-1 trading plan, leaving him with 14,073 shares.
• Cirrus Logic shares fell to $111.64, near the company’s 52-week low of $109.88. The stock has a $5.60 billion market capitalization and trades at a price-to-earnings ratio of 13.66.
• The company beat quarterly EPS expectations with $1.84 versus the $1.81 consensus, while revenue rose 12.9% year over year to $459.72 million. Analysts maintain a consensus “Hold” rating with an average price target of $150.71.

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Jeffrey Baumgartner sold 1,166 shares of the company's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $117.89, for a total transaction of $137,459.74. Following the completion of the transaction, the executive vice president owned 14,073 shares in the company, valued at approximately $1,659,065.97. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Performance

CRUS traded down $3.69 on Monday, reaching $111.64. The company had a trading volume of 715,454 shares, compared to its average volume of 658,447. Cirrus Logic, Inc. has a 52-week low of $109.88 and a 52-week high of $180.42. The company has a market cap of $5.60 billion, a price-to-earnings ratio of 13.66 and a beta of 1.18. The business has a 50 day simple moving average of $139.15 and a 200 day simple moving average of $148.47.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, topping analysts' consensus estimates of $1.81 by $0.03. The business had revenue of $459.72 million during the quarter, compared to analysts' expectations of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.51 EPS. As a group, equities research analysts predict that Cirrus Logic, Inc. will post 7.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. LSV Asset Management raised its position in shares of Cirrus Logic by 1.0% in the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company's stock worth $279,215,000 after acquiring an additional 23,703 shares in the last quarter. Mach 1 Financial Group LLC bought a new stake in shares of Cirrus Logic during the fourth quarter valued at approximately $736,000. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in Cirrus Logic by 9.8% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company's stock worth $15,391,000 after purchasing an additional 11,607 shares during the period. Arbejdsmarkedets Tillaegspension purchased a new stake in shares of Cirrus Logic in the 4th quarter worth about $21,988,000. Finally, Assenagon Asset Management S.A. boosted its stake in Cirrus Logic by 37.6% during the second quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company's stock worth $31,766,000 after acquiring an additional 58,446 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Wall Street Zen cut Cirrus Logic from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. KeyCorp reduced their price objective on Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating on the stock in a research report on Thursday, August 6th. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Finally, Zacks Research downgraded Cirrus Logic from a "hold" rating to a "strong sell" rating in a research report on Friday, August 14th. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $150.71.

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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