Cirrus Logic (NASDAQ:CRUS) Trading Down 6.8% Following Insider Selling

Cirrus Logic, Inc. (NASDAQ:CRUS) shares traded down 6.8% during trading on Thursday following insider selling activity. The stock traded as low as $102.69 and last traded at $101.93. 82,841 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 716,693 shares. The stock had previously closed at $109.34.

Specifically, EVP Jeffrey W. Baumgartner sold 2,051 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $100.00, for a total value of $205,100.00. Following the completion of the transaction, the executive vice president now directly owns 8,330 shares in the company, valued at approximately $833,000. This represents a 19.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Benchmark raised shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $125.00 price objective on the stock in a research report on Wednesday. Loop Capital assumed coverage on shares of Cirrus Logic in a research report on Tuesday, November 12th. They issued a “buy” rating and a $130.00 price target for the company. Susquehanna boosted their price objective on Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a report on Monday, November 18th. Finally, Barclays increased their target price on shares of Cirrus Logic from $105.00 to $115.00 and gave the company an “equal weight” rating in a report on Wednesday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $132.86.

Cirrus Logic Stock Down 5.7 %

The firm has a 50 day moving average of $102.51 and a 200 day moving average of $116.16. The firm has a market cap of $5.48 billion, a PE ratio of 17.41 and a beta of 0.91.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.21). Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. On average, research analysts anticipate that Cirrus Logic, Inc. will post 5.21 EPS for the current year.

Institutional Investors Weigh In On Cirrus Logic

Several hedge funds and other institutional investors have recently modified their holdings of CRUS. Huntington National Bank grew its position in Cirrus Logic by 10,500.0% during the third quarter. Huntington National Bank now owns 212 shares of the semiconductor company’s stock worth $26,000 after buying an additional 210 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in shares of Cirrus Logic during the fourth quarter valued at about $28,000. Nisa Investment Advisors LLC increased its stake in Cirrus Logic by 98.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 120 shares during the period. V Square Quantitative Management LLC purchased a new position in shares of Cirrus Logic in the third quarter worth $31,000. Finally, Westside Investment Management Inc. bought a new position in shares of Cirrus Logic during the third quarter valued at about $35,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.