Key Points
- Cirrus Logic EVP Jeffrey Baumgartner sold 1,458 shares on July 1 at an average price of $145.97, generating about $212,824 in proceeds. The sale reduced his position by 8.16% and was made under a pre-arranged Rule 10b5-1 trading plan.
- CRUS shares were trading near $146.24, roughly in line with their 200-day moving average but below the 50-day average of $164.67. The stock has ranged from $92.02 to $180.42 over the past year.
- Cirrus Logic recently reported better-than-expected quarterly results, earning $1.95 per share on revenue of $448.52 million, both above analyst estimates. Wall Street sentiment remains positive overall, with a consensus rating of “Moderate Buy” and a target price of $161.71.
Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Jeffrey Baumgartner sold 1,458 shares of Cirrus Logic stock in a transaction dated 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cirrus Logic Stock Performance
Shares of Cirrus Logic stock opened at $146.24 on Friday. The business has a 50-day simple moving average of $164.67 and a 200-day simple moving average of $146.19. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42. The company has a market cap of $7.38 billion, a PE ratio of 18.65 and a beta of 1.17.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm had revenue of $448.52 million for the quarter, compared to analysts' expectations of $442.25 million. During the same quarter last year, the company earned $1.67 earnings per share. The firm's revenue was up 5.7% compared to the same quarter last year. On average, sell-side analysts predict that Cirrus Logic, Inc. will post 8.05 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on CRUS. Jefferies Financial Group raised shares of Cirrus Logic to a "buy" rating in a research report on Thursday, June 4th. Weiss Ratings reissued a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Barclays raised their price target on Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a research note on Thursday, May 7th. KeyCorp lifted their price target on Cirrus Logic from $175.00 to $200.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Finally, Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a research report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $161.71.
Read Our Latest Stock Report on CRUS
Institutional Trading of Cirrus Logic
Several institutional investors have recently modified their holdings of CRUS. Parallel Advisors LLC boosted its holdings in shares of Cirrus Logic by 16.3% in the 1st quarter. Parallel Advisors LLC now owns 1,591 shares of the semiconductor company's stock valued at $230,000 after buying an additional 223 shares in the last quarter. Leigh Baldwin & CO. LLC purchased a new stake in Cirrus Logic in the first quarter valued at $223,000. Cim Investment Management Inc. lifted its position in Cirrus Logic by 35.0% in the first quarter. Cim Investment Management Inc. now owns 3,689 shares of the semiconductor company's stock valued at $534,000 after acquiring an additional 957 shares during the last quarter. Amundi boosted its stake in Cirrus Logic by 42.0% in the first quarter. Amundi now owns 120,738 shares of the semiconductor company's stock valued at $17,461,000 after acquiring an additional 35,693 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Cirrus Logic by 19.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,443 shares of the semiconductor company's stock worth $209,000 after purchasing an additional 232 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.
About Cirrus Logic
(
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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