Insider Selling: Cirrus Logic (NASDAQ:CRUS) EVP Sells 1,458 Shares of Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Jeffrey Baumgartner sold 1,458 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $145.97, for a total value of $212,824.26. Following the completion of the transaction, the executive vice president owned 16,405 shares of the company’s stock, valued at $2,394,637.85. The trade was a 8.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Price Performance

NASDAQ:CRUS traded down $0.18 during mid-day trading on Thursday, reaching $146.24. The company’s stock had a trading volume of 729,614 shares, compared to its average volume of 635,281. The company’s fifty day simple moving average is $165.14 and its two-hundred day simple moving average is $146.02. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $180.42. The stock has a market cap of $7.38 billion, a P/E ratio of 18.65 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. The company had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.25 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.67 EPS. Sell-side analysts expect that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CRUS has been the topic of a number of recent analyst reports. Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Barclays lifted their target price on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Finally, Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a research note on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Cirrus Logic presently has a consensus rating of “Moderate Buy” and an average price target of $161.71.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd boosted its position in shares of Cirrus Logic by 7,333.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after buying an additional 220 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Cirrus Logic by 120.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 120 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new stake in Cirrus Logic in the fourth quarter valued at approximately $33,000. Torren Management LLC acquired a new stake in Cirrus Logic in the fourth quarter valued at approximately $35,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Cirrus Logic during the fourth quarter valued at approximately $36,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Company Profile

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.