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

Key Points

• Insider sale: EVP Jeffrey Baumgartner sold 1,166 Cirrus Logic shares for approximately $125,637 under a pre-arranged Rule 10b5-1 plan, reducing his holdings by 9.03% to 11,741 shares.
• Stock performance: Cirrus Logic shares recently traded at $110.64, near the company’s 12-month low of $105.10 and well below its 12-month high of $180.42.
• Mixed analyst outlook: Analysts have lowered price targets and ratings, giving the stock a consensus “Hold” rating with an average target of $147.86, despite the company’s latest earnings beat and 12.9% year-over-year revenue growth.

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Jeffrey Baumgartner sold 1,166 shares of the firm's stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $107.75, for a total transaction of $125,636.50. Following the completion of the sale, the executive vice president owned 11,741 shares in the company, valued at $1,265,092.75. The trade was a 9.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Price Performance

Shares of Cirrus Logic stock traded down $0.17 during trading on Wednesday, hitting $110.64. 601,661 shares of the stock were exchanged, compared to its average volume of 697,832. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of 13.54 and a beta of 1.17. The firm's 50-day moving average price is $115.20 and its 200 day moving average price is $141.05. Cirrus Logic, Inc. has a 12-month low of $105.10 and a 12-month high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, beating the consensus estimate of $1.81 by $0.03. The firm had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. Cirrus Logic's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.51 earnings per share. As a group, research analysts forecast that Cirrus Logic, Inc. will post 7.20 earnings per share for the current year.

Institutional Investors Weigh In On Cirrus Logic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Coppell Advisory Solutions LLC purchased a new position in Cirrus Logic in the 2nd quarter valued at $39,000. Public Employees Retirement System of Ohio acquired a new position in Cirrus Logic in the 2nd quarter valued at $2,859,000. Assenagon Asset Management S.A. raised its position in Cirrus Logic by 37.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company's stock worth $31,766,000 after buying an additional 58,446 shares during the last quarter. Bank of America Corp DE purchased a new position in Cirrus Logic during the 2nd quarter worth $168,329,000. Finally, Quantinno Capital Management LP raised its position in Cirrus Logic by 21.1% during the 1st quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company's stock worth $136,262,000 after buying an additional 163,979 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CRUS. Wall Street Zen downgraded Cirrus Logic from a "buy" rating to a "hold" rating in a report on Sunday. Susquehanna cut their target price on Cirrus Logic from $200.00 to $170.00 and set a "positive" rating on the stock in a research report on Wednesday. Stifel Nicolaus decreased their target price on Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Zacks Research cut Cirrus Logic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Finally, Barclays downgraded Cirrus Logic from an "equal weight" rating to an "underweight" rating and lowered their price target for the company from $130.00 to $95.00 in a report on Tuesday. Four equities 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. According to data from MarketBeat, Cirrus Logic presently has a consensus rating of "Hold" and an average target price of $147.86.

Cirrus Logic Company Profile

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.

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