Key Points
- Cirrus Logic EVP Jeffrey Baumgartner sold 1,166 shares at an average price of $117.89, totaling $137,459.74. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his direct holdings by 7.65% to 14,073 shares.
- Cirrus Logic reported quarterly EPS of $1.84, exceeding analysts’ $1.81 estimate, while revenue reached $459.72 million and rose 12.9% year over year. The stock opened at $111.64, well below its 52-week high of $180.42.
- Analyst sentiment is mixed, with five Buy, three Hold, and one Sell rating; the consensus is Hold with a $150.71 price target. Institutional investors own nearly 88% of the company’s shares.
Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $117.89, for a total transaction of $137,459.74. Following the completion of the sale, the executive vice president directly owned 14,073 shares in the company, valued at approximately $1,659,065.97. The trade was a 7.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cirrus Logic Stock Down 3.2%
Shares of Cirrus Logic stock opened at $111.64 on Tuesday. Cirrus Logic, Inc. has a 52-week low of $109.88 and a 52-week high of $180.42. The company's 50-day simple moving average is $138.06 and its 200-day simple moving average is $148.38. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of 13.66 and a beta of 1.18.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, beating analysts' consensus estimates of $1.81 by $0.03. The firm had revenue of $459.72 million during the quarter, compared to the consensus estimate of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The firm's revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.51 earnings per share. Equities research analysts anticipate that Cirrus Logic, Inc. will post 7.47 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the company. Royal Bank of Canada grew its stake in Cirrus Logic by 92.3% in the 1st quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company's stock valued at $7,189,000 after acquiring an additional 34,629 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Cirrus Logic by 24.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company's stock valued at $132,000 after acquiring an additional 263 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Cirrus Logic by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company's stock worth $21,372,000 after acquiring an additional 9,658 shares during the last quarter. Focus Partners Wealth acquired a new position in Cirrus Logic during the first quarter worth about $361,000. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company's stock valued at $47,000 after purchasing an additional 232 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on the stock. Stifel Nicolaus cut their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Jefferies Financial Group raised shares of Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. KeyCorp lowered their target price on shares of Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating on the stock in a research report on Thursday, August 6th. Zacks Research cut shares of Cirrus Logic from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Cirrus Logic has a consensus rating of "Hold" and a consensus price target of $150.71.
Get Our Latest Stock Analysis on CRUS
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.
Further Reading
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