Key Points
- Cirrus Logic EVP Jeffrey Baumgartner sold 1,166 shares for approximately $125,637 at an average price of $107.75 under a pre-arranged Rule 10b5-1 plan, reducing his direct holdings by 9.03%.
- Cirrus Logic reported quarterly EPS of $1.84, beating estimates of $1.81, while revenue reached $459.72 million and grew 12.9% year over year.
- The stock opened at $110.64, near its 52-week low, and analysts hold a consensus “Hold” rating with an average price target of $147.86; institutional investors own 87.96% of shares.
Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Jeffrey Baumgartner sold 1,166 shares of the firm's stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $107.75, for a total value of $125,636.50. Following the completion of the sale, the executive vice president directly owned 11,741 shares in the company, valued at $1,265,092.75. This trade represents a 9.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cirrus Logic Stock Down 0.2%
Shares of NASDAQ CRUS opened at $110.64 on Thursday. Cirrus Logic, Inc. has a 12 month low of $105.10 and a 12 month high of $180.42. The company has a market cap of $5.55 billion, a P/E ratio of 13.54 and a beta of 1.17. The business's 50 day moving average is $114.98 and its two-hundred day moving average is $140.79.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.03. The company had revenue of $459.72 million during the quarter, compared to analysts' expectations of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. Cirrus Logic's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.51 earnings per share. Sell-side analysts expect that Cirrus Logic, Inc. will post 7.20 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
CRUS has been the subject of several research analyst reports. Wall Street Zen cut shares of Cirrus Logic from a "buy" rating to a "hold" rating in a research note on Sunday. Weiss Ratings upgraded shares of Cirrus Logic from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, October 16th. Zacks Research downgraded shares of Cirrus Logic from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. Stifel Nicolaus dropped their price objective on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Finally, KeyCorp lowered shares of Cirrus Logic from an "overweight" rating to a "sector weight" rating in a research report on Thursday, October 15th. Four equities research 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 data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $147.86.
Check Out Our Latest Analysis on Cirrus Logic
Institutional Trading of Cirrus Logic
A number of hedge funds have recently modified their holdings of CRUS. Coppell Advisory Solutions LLC acquired a new position in shares of Cirrus Logic in the 2nd quarter worth approximately $39,000. Public Employees Retirement System of Ohio bought a new position in shares of Cirrus Logic during the 2nd quarter worth approximately $2,859,000. Assenagon Asset Management S.A. lifted its position in shares of Cirrus Logic by 37.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company's stock worth $31,766,000 after buying an additional 58,446 shares during the period. Bank of America Corp DE acquired a new stake in Cirrus Logic in the 2nd quarter valued at $168,329,000. Finally, Quantinno Capital Management LP boosted its stake in Cirrus Logic by 21.1% in the 1st 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 in the last quarter. Institutional investors own 87.96% of the company's stock.
About Cirrus Logic
(
Get Free Report)
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.
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