Analysts expect Cirrus Logic, Inc. (NASDAQ:CRUS – Get Rating) to post $370.13 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Cirrus Logic’s earnings. The highest sales estimate is $370.38 million and the lowest is $370.00 million. Cirrus Logic reported sales of $277.25 million in the same quarter last year, which would suggest a positive year over year growth rate of 33.5%. The company is expected to announce its next quarterly earnings results on Monday, January 1st.
According to Zacks, analysts expect that Cirrus Logic will report full-year sales of $1.81 billion for the current year, with estimates ranging from $1.80 billion to $1.84 billion. For the next financial year, analysts anticipate that the business will post sales of $1.96 billion, with estimates ranging from $1.94 billion to $2.00 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS – Get Rating) last released its earnings results on Tuesday, May 3rd. The semiconductor company reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.60. Cirrus Logic had a return on equity of 23.52% and a net margin of 18.32%. The business had revenue of $498.97 million for the quarter, compared to the consensus estimate of $420.19 million. During the same quarter last year, the business posted $0.47 earnings per share. The business’s quarterly revenue was up 70.0% compared to the same quarter last year.
CRUS has been the subject of several recent analyst reports. Benchmark cut their target price on Cirrus Logic from $100.00 to $95.00 in a research note on Wednesday, May 4th. StockNews.com raised Cirrus Logic from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 12th. KeyCorp decreased their price target on Cirrus Logic from $120.00 to $105.00 in a report on Wednesday, May 4th. Zacks Investment Research downgraded Cirrus Logic from a “buy” rating to a “hold” rating and set a $88.00 price target for the company. in a report on Tuesday, April 5th. Finally, Stifel Nicolaus lifted their price target on Cirrus Logic from $112.00 to $120.00 in a report on Wednesday, May 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cirrus Logic has an average rating of “Buy” and an average target price of $104.21.
In related news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction on Friday, May 6th. The stock was sold at an average price of $79.99, for a total value of $79,990.00. Following the completion of the sale, the director now directly owns 17,575 shares in the company, valued at approximately $1,405,824.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Justin E. Dougherty sold 4,039 shares of the company’s stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $80.94, for a total transaction of $326,916.66. Following the completion of the transaction, the vice president now directly owns 5,673 shares of the company’s stock, valued at $459,172.62. The disclosure for this sale can be found here. 0.89% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CRUS. Amundi Pioneer Asset Management Inc. increased its stake in shares of Cirrus Logic by 175.2% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 7,854 shares of the semiconductor company’s stock valued at $330,000 after acquiring an additional 5,000 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Cirrus Logic by 4.2% during the 3rd quarter. Goldman Sachs Group Inc. now owns 201,487 shares of the semiconductor company’s stock worth $16,592,000 after purchasing an additional 8,086 shares in the last quarter. First Republic Investment Management Inc. raised its stake in shares of Cirrus Logic by 19.0% during the 3rd quarter. First Republic Investment Management Inc. now owns 3,526 shares of the semiconductor company’s stock worth $290,000 after purchasing an additional 562 shares in the last quarter. Credit Suisse AG raised its stake in shares of Cirrus Logic by 0.9% in the 3rd quarter. Credit Suisse AG now owns 56,460 shares of the semiconductor company’s stock valued at $4,650,000 after acquiring an additional 499 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Cirrus Logic by 4.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 65,931 shares of the semiconductor company’s stock valued at $5,429,000 after buying an additional 3,073 shares during the last quarter. Institutional investors and hedge funds own 86.74% of the company’s stock.
Shares of NASDAQ:CRUS traded down $1.58 during midday trading on Monday, hitting $80.00. The company had a trading volume of 15,962 shares, compared to its average volume of 371,240. The business’s 50-day simple moving average is $78.96 and its 200-day simple moving average is $83.70. The stock has a market cap of $4.47 billion, a price-to-earnings ratio of 14.78, a price-to-earnings-growth ratio of 5.46 and a beta of 0.90. Cirrus Logic has a twelve month low of $73.45 and a twelve month high of $95.84.
Cirrus Logic Company Profile (Get Rating)
Cirrus Logic, Inc, a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including 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 digital signal processer; boosted amplifiers; 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, hearing augmentation, and active noise cancellation.
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