Wall Street brokerages expect that Cirrus Logic, Inc. (NASDAQ:CRUS) will report $381.39 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Cirrus Logic’s earnings. The lowest sales estimate is $380.00 million and the highest is $384.16 million. Cirrus Logic reported sales of $482.74 million during the same quarter last year, which indicates a negative year over year growth rate of 21%. The business is expected to announce its next earnings report on Monday, February 4th.
On average, analysts expect that Cirrus Logic will report full year sales of $1.30 billion for the current fiscal year, with estimates ranging from $1.28 billion to $1.31 billion. For the next financial year, analysts forecast that the business will report sales of $1.34 billion, with estimates ranging from $1.28 billion to $1.38 billion. Zacks’ sales averages are an average based on a survey of research analysts that follow Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Thursday, November 1st. The semiconductor company reported $1.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.34. The business had revenue of $366.30 million during the quarter, compared to the consensus estimate of $330.27 million. Cirrus Logic had a net margin of 7.09% and a return on equity of 15.55%. The firm’s quarterly revenue was down 13.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.36 EPS.
Several equities research analysts recently commented on CRUS shares. ValuEngine upgraded shares of Cirrus Logic from a “sell” rating to a “hold” rating in a research report on Thursday, November 1st. BidaskClub downgraded shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Tuesday, September 18th. Bank of America upped their price target on shares of Cirrus Logic from $28.00 to $33.00 and gave the company an “underperform” rating in a research report on Thursday, August 2nd. Susquehanna Bancshares upped their price target on shares of Cirrus Logic from $45.00 to $59.00 and gave the company a “positive” rating in a research report on Thursday, August 2nd. Finally, Craig Hallum upped their price target on shares of Cirrus Logic from $43.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, August 2nd. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $47.88.
In other Cirrus Logic news, Director Timothy R. Dehne sold 4,171 shares of the stock in a transaction that occurred on Sunday, August 26th. The shares were sold at an average price of $44.99, for a total value of $187,653.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.32% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in CRUS. Partner Fund Management L.P. acquired a new position in shares of Cirrus Logic during the 2nd quarter worth $28,998,000. JPMorgan Chase & Co. increased its stake in shares of Cirrus Logic by 98.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock worth $51,271,000 after purchasing an additional 657,662 shares during the last quarter. BlackRock Inc. increased its stake in shares of Cirrus Logic by 7.8% during the 2nd quarter. BlackRock Inc. now owns 8,486,370 shares of the semiconductor company’s stock worth $325,283,000 after purchasing an additional 610,960 shares during the last quarter. Letko Brosseau & Associates Inc. increased its stake in shares of Cirrus Logic by 58.9% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 628,960 shares of the semiconductor company’s stock worth $24,108,000 after purchasing an additional 233,060 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Cirrus Logic by 294.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 295,432 shares of the semiconductor company’s stock worth $11,394,000 after purchasing an additional 220,612 shares during the last quarter. Institutional investors own 89.21% of the company’s stock.
Shares of NASDAQ:CRUS traded up $0.13 during mid-day trading on Friday, hitting $41.69. The stock had a trading volume of 826,604 shares, compared to its average volume of 894,809. The company has a market cap of $2.48 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 1.04 and a beta of 0.45. Cirrus Logic has a 12-month low of $34.49 and a 12-month high of $57.63.
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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