Insider Selling: Cirrus Logic (NASDAQ:CRUS) EVP Sells $212,824.26 in Stock

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

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $146.24 on Friday. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42. The company has a 50 day moving average price of $164.19 and a 200 day moving average price of $146.19. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 18.65 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share 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 company had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.25 million. During the same quarter last year, the business earned $1.67 EPS. Cirrus Logic’s revenue for the quarter was up 5.7% on a year-over-year basis. As a group, equities analysts forecast that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Cirrus Logic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its stake in shares of Cirrus Logic by 6.2% in the fourth quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock worth $162,000 after acquiring an additional 80 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 88 shares in the last quarter. Kendall Capital Management increased its holdings in Cirrus Logic by 0.9% during the 4th quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company’s stock worth $1,256,000 after purchasing an additional 90 shares during the last quarter. EP Wealth Advisors LLC increased its holdings in Cirrus Logic by 1.7% during the 2nd quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock worth $598,000 after purchasing an additional 95 shares during the last quarter. Finally, Diversified Trust Co increased its holdings in Cirrus Logic by 1.1% during the 1st quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company’s stock worth $1,316,000 after purchasing an additional 102 shares during the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CRUS shares. KeyCorp boosted their price target on Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a research note on Thursday, May 7th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Barclays increased their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Finally, Zacks Research lowered shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus price target of $161.71.

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.