Key Points
- Cirrus Logic EVP Jeffrey Baumgartner sold 1,166 shares at an average price of $119, generating $138,754. The Rule 10b5-1 transaction reduced his direct ownership by 8.29% to 12,907 shares.
- Cirrus Logic shares opened at $120.45, with a market capitalization of approximately $6.04 billion and a 12-month trading range of $106.26 to $180.42.
- The company recently beat quarterly EPS expectations, reporting $1.84 versus the $1.81 consensus, while revenue rose 12.9% year over year. Analysts hold an overall “Hold” rating with an average price target of $150.71.
Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Jeffrey Baumgartner sold 1,166 shares of the company's stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $119.00, for a total value of $138,754.00. Following the transaction, the executive vice president directly owned 12,907 shares in the company, valued at approximately $1,535,933. This trade represents a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cirrus Logic Stock Up 0.1%
Shares of CRUS opened at $120.45 on Thursday. The business's fifty day moving average is $121.93 and its 200 day moving average is $144.23. Cirrus Logic, Inc. has a 12-month low of $106.26 and a 12-month high of $180.42. The stock has a market cap of $6.04 billion, a P/E ratio of 14.74 and a beta of 1.16.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (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 analysts' expectations of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The business's revenue was up 12.9% on a year-over-year basis. During the same period last year, the company earned $1.51 earnings per share. On average, analysts expect that Cirrus Logic, Inc. will post 7.32 EPS for the current year.
Hedge Funds Weigh In On Cirrus Logic
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Cirrus Logic during the second quarter valued at $840,638,000. Dimensional Fund Advisors LP increased its position in Cirrus Logic by 6.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company's stock worth $192,055,000 after buying an additional 83,897 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Cirrus Logic in the second quarter valued at $168,329,000. Allianz Asset Management GmbH raised its stake in shares of Cirrus Logic by 33.5% in the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company's stock valued at $127,224,000 after buying an additional 269,391 shares during the period. Finally, Quantinno Capital Management LP raised its stake in shares of Cirrus Logic by 21.1% in the first quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company's stock valued at $136,262,000 after buying an additional 163,979 shares during the period. Hedge funds and other institutional investors own 87.96% of the company's stock.
Analyst Ratings Changes
Several equities analysts have recently issued reports on CRUS shares. Barclays reduced their target price on Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating for the company in a report on Thursday, August 6th. Zacks Research lowered Cirrus Logic from a "hold" rating to a "strong sell" rating in a research report on Friday, August 14th. Wall Street Zen cut Cirrus Logic from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings reissued a "hold (c+)" rating on shares of Cirrus Logic in a report on Monday. Finally, Stifel Nicolaus reduced their price target 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. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $150.71.
View Our Latest Stock Analysis on CRUS
Cirrus Logic Company Profile
(
Get Free Report)
Cirrus Logic, Inc (NASDAQ: CRUS) is a fabless semiconductor company that develops high-performance, low-power integrated circuits and related software. Its products are designed to process audio and other mixed-signal information in electronic devices, helping manufacturers deliver high-quality sound, efficient power management and responsive user experiences.
The company's product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, smart codecs, haptic-control solutions and other mixed-signal components.
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