Insider Selling: Cirrus Logic (NASDAQ:CRUS) EVP Sells $125,636.50 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 Tuesday, October 20th. The stock was sold at an average price of $107.75, for a total value of $125,636.50. Following the sale, the executive vice president directly owned 11,741 shares of the company’s stock, valued at $1,265,092.75. This represents a 9.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Up 1.7%

CRUS opened at $112.32 on Friday. The business has a fifty day moving average of $114.59 and a 200 day moving average of $140.33. The stock has a market cap of $5.63 billion, a P/E ratio of 13.75 and a beta of 1.17. Cirrus Logic, Inc. has a 52-week low of $105.10 and a 52-week high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. The business had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. During the same quarter last year, the firm posted $1.51 earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. Equities analysts anticipate that Cirrus Logic, Inc. will post 7.20 EPS for the current fiscal year.

Hedge Funds Weigh In On Cirrus Logic

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Cirrus Logic in the second quarter valued at about $840,638,000. Bank of America Corp DE purchased a new stake in shares of Cirrus Logic during the second quarter valued at about $168,329,000. Caisse de depot et placement du Quebec purchased a new stake in shares of Cirrus Logic during the second quarter valued at about $61,500,000. Bank of New York Mellon Corp purchased a new stake in shares of Cirrus Logic during the second quarter valued at about $55,562,000. Finally, Empowered Funds LLC boosted its holdings in shares of Cirrus Logic by 5,275.0% in the 1st quarter. Empowered Funds LLC now owns 211,454 shares of the semiconductor company’s stock valued at $30,580,000 after buying an additional 207,520 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. KeyCorp downgraded shares of Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 15th. Stifel Nicolaus lowered their price objective on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Zacks Research downgraded shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Barclays downgraded shares of Cirrus Logic from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $130.00 to $95.00 in a research note on Tuesday. Finally, Wall Street Zen lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Sunday, October 18th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Cirrus Logic has a consensus rating of “Hold” and a consensus target price of $147.86.

About Cirrus Logic

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.