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

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Jeffrey Baumgartner sold 1,166 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $138.57, for a total value of $161,572.62. Following the transaction, the executive vice president owned 15,239 shares in the company, valued at $2,111,668.23. This represents a 7.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Trading Down 1.6%

Shares of NASDAQ CRUS opened at $131.86 on Friday. The stock has a market cap of $6.65 billion, a P/E ratio of 16.82 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 50 day moving average of $154.09 and a two-hundred day moving average of $148.97.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business had revenue of $448.52 million for the quarter, compared to analysts’ expectations of $442.25 million. During the same period in the previous year, the company posted $1.67 EPS. The company’s quarterly revenue was up 5.7% on a year-over-year basis. As a group, research analysts predict that Cirrus Logic, Inc. will post 7.86 earnings per share for the current year.

Institutional Trading of Cirrus Logic

Several hedge funds have recently made changes to their positions in CRUS. Geneos Wealth Management Inc. increased its stake in shares of Cirrus Logic by 120.0% during the first 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. Caitong International Asset Management Co. Ltd lifted its position in 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 valued at $26,000 after purchasing an additional 220 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new stake in Cirrus Logic in the fourth quarter valued at about $33,000. Torren Management LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at approximately $35,000. Finally, Elevation Wealth Partners LLC boosted its holdings in Cirrus Logic by 72.5% in the 2nd quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company’s stock valued at $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.

Analyst Ratings Changes

CRUS has been the subject of a number of research reports. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Barclays raised their price target on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a research note on Thursday, May 7th. Finally, KeyCorp decreased their price objective on Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating for the company in a research report on Tuesday, July 14th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $160.29.

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.