Insider Selling: Cirrus Logic (NASDAQ:CRUS) EVP Sells 1,166 Shares of Stock

Key Points

• Cirrus Logic EVP Jeffrey Baumgartner sold 1,166 shares at an average price of $119, generating $138,754; the transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his ownership by 8.29%.
• Cirrus Logic shares recently traded at $120.45, while the company reported quarterly EPS of $1.84, exceeding estimates of $1.81, with revenue up 12.9% year over year.
• Analysts have a consensus “Hold” rating and an average price target of $150.71, while institutional investors and hedge funds own approximately 87.96% of the stock.

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $119.00, for a total value of $138,754.00. Following the sale, the executive vice president owned 12,907 shares in the company, valued at $1,535,933. This represents a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Up 0.1%

Shares of Cirrus Logic stock traded up $0.07 on Wednesday, hitting $120.45. 479,321 shares of the company's stock traded hands, compared to its average volume of 693,919. The stock has a market cap of $6.04 billion, a P/E ratio of 14.74 and a beta of 1.16. The firm's 50-day moving average is $122.30 and its 200 day moving average is $144.32. Cirrus Logic, Inc. has a 52-week low of $106.26 and a 52-week high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (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 analyst estimates of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The business's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.51 earnings per share. Equities research analysts forecast that Cirrus Logic, Inc. will post 7.32 EPS for the current year.

Analysts Set New Price Targets

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

Institutional Trading of Cirrus Logic

A number of institutional investors and hedge funds have recently modified their holdings of the business. Coppell Advisory Solutions LLC acquired a new stake in Cirrus Logic during the second quarter worth about $39,000. Assenagon Asset Management S.A. boosted its stake in Cirrus Logic by 37.6% in the second quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company's stock valued at $31,766,000 after acquiring an additional 58,446 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Cirrus Logic in the second quarter valued at approximately $2,859,000. AlphaQuest LLC grew its holdings in shares of Cirrus Logic by 1,258.4% during the fourth quarter. AlphaQuest LLC now owns 12,416 shares of the semiconductor company's stock valued at $1,471,000 after purchasing an additional 11,502 shares during the last quarter. Finally, Hillsdale Investment Management Inc. grew its holdings in shares of Cirrus Logic by 286.8% during the fourth quarter. Hillsdale Investment Management Inc. now owns 35,470 shares of the semiconductor company's stock valued at $4,203,000 after purchasing an additional 26,300 shares during the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Company Profile

Cirrus Logic, Inc NASDAQ: CRUS is a fabless semiconductor company that develops high-performance, low-power integrated circuits and related software. Its products are designed to process audio and other mixed-signal information in electronic devices, helping manufacturers deliver high-quality sound, efficient power management and responsive user experiences.

The company's product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, smart codecs, haptic-control solutions and other mixed-signal components.

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