Brokerages forecast that Cirrus Logic, Inc. (NASDAQ:CRUS) will post sales of $330.34 million for the current quarter, Zacks reports. Three analysts have issued estimates for Cirrus Logic’s earnings, with estimates ranging from $330.00 million to $331.02 million. Cirrus Logic reported sales of $425.54 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 22.4%. The business is scheduled to report its next quarterly earnings results after the market closes on Thursday, November 1st.
According to Zacks, analysts expect that Cirrus Logic will report full-year sales of $1.35 billion for the current year, with estimates ranging from $1.31 billion to $1.38 billion. For the next financial year, analysts expect 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 analysts that that provide coverage for Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, August 1st. The semiconductor company reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.36. Cirrus Logic had a net margin of 7.83% and a return on equity of 17.46%. The firm had revenue of $254.48 million during the quarter, compared to the consensus estimate of $231.38 million. During the same period last year, the firm posted $0.81 EPS. The firm’s revenue for the quarter was down 20.7% on a year-over-year basis.
Several equities analysts have weighed in on CRUS shares. BidaskClub upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating in a report on Wednesday, August 29th. ValuEngine downgraded shares of Cirrus Logic from a “sell” rating to a “strong sell” rating in a report on Friday, August 3rd. Bank of America lifted their price target on shares of Cirrus Logic from $28.00 to $33.00 and gave the stock an “underperform” rating in a report on Thursday, August 2nd. Zacks Investment Research upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Tuesday, August 7th. Finally, Craig Hallum lifted their price target on shares of Cirrus Logic from $43.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. Five investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $53.24.
In other news, Director Timothy R. Dehne sold 4,171 shares of Cirrus Logic stock in a transaction dated Sunday, August 26th. The shares were sold at an average price of $44.99, for a total transaction of $187,653.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.32% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CRUS. grace capital purchased a new stake in Cirrus Logic in the second quarter valued at approximately $115,000. Bank of Montreal Can grew its holdings in Cirrus Logic by 88.7% in the third quarter. Bank of Montreal Can now owns 3,388 shares of the semiconductor company’s stock valued at $131,000 after purchasing an additional 1,593 shares during the period. Itau Unibanco Holding S.A. grew its holdings in Cirrus Logic by 91.8% in the second quarter. Itau Unibanco Holding S.A. now owns 3,723 shares of the semiconductor company’s stock valued at $143,000 after purchasing an additional 1,782 shares during the period. Fox Run Management L.L.C. purchased a new stake in Cirrus Logic in the second quarter valued at approximately $216,000. Finally, Hikari Power Ltd purchased a new stake in Cirrus Logic in the second quarter valued at approximately $250,000. Institutional investors and hedge funds own 92.03% of the company’s stock.
NASDAQ:CRUS traded up $0.44 during mid-day trading on Wednesday, hitting $35.29. 1,062,023 shares of the company’s stock traded hands, compared to its average volume of 1,160,207. Cirrus Logic has a 1 year low of $34.49 and a 1 year high of $58.80. The company has a market capitalization of $2.36 billion, a P/E ratio of 9.56, a price-to-earnings-growth ratio of 0.97 and a beta of 0.41.
About Cirrus Logic
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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