Analysts expect Cirrus Logic, Inc. (NASDAQ:CRUS) to report $330.34 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Cirrus Logic’s earnings, with the lowest sales estimate coming in at $330.00 million and the highest estimate coming in at $331.02 million. Cirrus Logic reported sales of $425.54 million during the same quarter last year, which suggests a negative year-over-year growth rate of 22.4%. The company is scheduled to announce its next quarterly earnings report on Thursday, November 1st.
On average, analysts expect that Cirrus Logic will report full year sales of $1.35 billion for the current fiscal year, with estimates ranging from $1.31 billion to $1.38 billion. For the next fiscal year, analysts anticipate that the company will report sales of $1.44 billion, with estimates ranging from $1.40 billion to $1.49 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 1st. The semiconductor company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.36. Cirrus Logic had a return on equity of 17.46% and a net margin of 7.83%. The firm had revenue of $254.48 million for the quarter, compared to analysts’ expectations of $231.38 million. During the same quarter in the prior year, the firm earned $0.81 EPS. The business’s revenue for the quarter was down 20.7% compared to the same quarter last year.
A number of research analysts have recently commented on the company. BidaskClub raised Cirrus Logic from a “sell” rating to a “hold” rating in a research report on Saturday, July 28th. ValuEngine cut Cirrus Logic from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 2nd. Cowen upped their price target on Cirrus Logic from $40.00 to $44.00 and gave the company a “market perform” rating in a research report on Thursday, August 2nd. Craig Hallum upped their price target on Cirrus Logic from $43.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, August 2nd. Finally, Susquehanna Bancshares upped their price target on Cirrus Logic from $45.00 to $59.00 and gave the company a “positive” rating in a research report on Thursday, August 2nd. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $53.24.
Shares of NASDAQ CRUS traded down $0.04 during trading on Monday, reaching $38.21. 726,800 shares of the stock traded hands, compared to its average volume of 1,181,179. Cirrus Logic has a 52-week low of $34.78 and a 52-week high of $58.80. The stock has a market capitalization of $2.38 billion, a PE ratio of 10.38, a P/E/G ratio of 0.98 and a beta of 0.38.
In related news, Director Timothy R. Dehne sold 4,171 shares of the stock in a transaction dated Sunday, August 26th. The stock was sold at an average price of $44.99, for a total transaction of $187,653.29. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold a total of 4,664 shares of company stock worth $207,176 in the last three months. 2.32% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of CRUS. grace capital purchased a new stake in Cirrus Logic during the 2nd quarter worth about $115,000. Itau Unibanco Holding S.A. increased its stake in Cirrus Logic by 91.8% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 3,723 shares of the semiconductor company’s stock worth $143,000 after acquiring an additional 1,782 shares during the last quarter. Fox Run Management L.L.C. bought a new position in Cirrus Logic in the 2nd quarter worth about $216,000. Victory Capital Management Inc. bought a new position in Cirrus Logic in the 1st quarter worth about $245,000. Finally, Hikari Power Ltd bought a new position in Cirrus Logic in the 2nd quarter worth about $250,000. 91.93% of the stock is currently owned by institutional investors and hedge funds.
Cirrus Logic Company Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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