Cirrus Logic, Inc. (NASDAQ:CRUS) – Equities researchers at Oppenheimer dropped their Q4 2019 earnings estimates for shares of Cirrus Logic in a note issued to investors on Tuesday, December 4th. Oppenheimer analyst R. Schafer now anticipates that the semiconductor company will post earnings of $0.19 per share for the quarter, down from their prior estimate of $0.27.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Thursday, November 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.34. Cirrus Logic had a net margin of 7.09% and a return on equity of 15.55%. The business had revenue of $366.30 million for the quarter, compared to analyst estimates of $330.27 million. During the same period in the prior year, the business posted $1.36 earnings per share. Cirrus Logic’s revenue was down 13.9% compared to the same quarter last year.
Several other equities analysts have also weighed in on the stock. BidaskClub lowered shares of Cirrus Logic from a “sell” rating to a “strong sell” rating in a report on Thursday, October 4th. Craig Hallum restated a “buy” rating and issued a $47.00 price objective (down from $51.00) on shares of Cirrus Logic in a report on Friday, November 2nd. ValuEngine lowered shares of Cirrus Logic from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th. TheStreet raised shares of Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Thursday, November 8th. Finally, Barclays lowered their target price on shares of Cirrus Logic from $32.00 to $30.00 and set an “underweight” rating for the company in a research note on Friday, November 16th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $45.88.
Shares of NASDAQ CRUS opened at $37.95 on Wednesday. Cirrus Logic has a fifty-two week low of $34.49 and a fifty-two week high of $55.13. The company has a market capitalization of $2.24 billion, a P/E ratio of 10.28, a price-to-earnings-growth ratio of 1.06 and a beta of 0.50.
A number of large investors have recently modified their holdings of the business. grace capital bought a new stake in shares of Cirrus Logic during the second quarter worth $115,000. Bank of Montreal Can increased its position in shares of Cirrus Logic by 88.7% during the third quarter. Bank of Montreal Can now owns 3,388 shares of the semiconductor company’s stock worth $131,000 after acquiring an additional 1,593 shares in the last quarter. First Hawaiian Bank bought a new stake in shares of Cirrus Logic during the third quarter worth $140,000. Itau Unibanco Holding S.A. increased its position in shares of Cirrus Logic by 91.8% during the second 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 in the last quarter. Finally, Virginia National Bank bought a new stake in shares of Cirrus Logic during the third quarter worth $220,000. 90.44% of the stock is owned by hedge funds and other institutional investors.
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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