Key Points
- Cirrus Logic EVP Jeffrey Baumgartner sold 1,170 shares on June 22 at an average price of $168.23, totaling about $196,829.10. After the transaction, he held 16,405 shares, and the sale was made under a pre-arranged Rule 10b5-1 plan.
- The company recently reported stronger-than-expected quarterly results, with EPS of $1.95 versus the $1.76 consensus and revenue of $448.52 million versus $442.25 million expected. Revenue rose 5.7% year over year, and Cirrus Logic expects full-year EPS of 8.05.
- Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $161.71. Recent moves included price target increases from Barclays and KeyCorp, while Jefferies upgraded the stock to a buy rating.
Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Jeffrey Baumgartner sold 1,170 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $168.23, for a total value of $196,829.10. Following the sale, the executive vice president directly owned 16,405 shares in the company, valued at $2,759,813.15. This trade represents a 6.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cirrus Logic Price Performance
CRUS opened at $157.67 on Thursday. The stock has a market cap of $7.95 billion, a P/E ratio of 20.11 and a beta of 1.15. The stock's 50 day simple moving average is $166.69 and its 200 day simple moving average is $145.19. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.19. The firm had revenue of $448.52 million during the quarter, compared to analysts' expectations of $442.25 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.Cirrus Logic's revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.67 earnings per share. Research analysts expect that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.
Analysts Set New Price Targets
Several research analysts have recently issued reports on CRUS shares. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a research note on Friday, March 27th. Zacks Research cut shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Barclays raised their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a report on Thursday, May 7th. KeyCorp lifted their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Finally, Jefferies Financial Group raised shares of Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $161.71.
Read Our Latest Report on CRUS
Institutional Trading of Cirrus Logic
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC boosted its stake in shares of Cirrus Logic by 6.2% during the fourth quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company's stock valued at $162,000 after acquiring an additional 80 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in shares of Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company's stock worth $46,000 after purchasing an additional 88 shares during the last quarter. Kendall Capital Management boosted its stake in shares of 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 grew its holdings in shares of Cirrus Logic by 1.7% during the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company's stock worth $598,000 after buying an additional 95 shares in the last quarter. Finally, Diversified Trust Co grew its holdings in shares of Cirrus Logic by 1.1% during the first quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company's stock worth $1,316,000 after buying an additional 102 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.
Cirrus Logic Company Profile
(
Get Free Report)
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.
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