Analysts expect Cirrus Logic, Inc. (NASDAQ:CRUS) to announce sales of $321.16 million for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Cirrus Logic’s earnings. The highest sales estimate is $324.8 million and the lowest is $319.83 million. Cirrus Logic reported sales of $232 million during the same quarter last year, which indicates a positive year over year growth rate of 38.4%. The business is expected to issue its next quarterly earnings report after the market closes on Wednesday, May 3rd.
On average, analysts expect that Cirrus Logic will report full year sales of $321.16 million for the current financial year, with estimates ranging from $1.53 billion to $1.54 billion. For the next fiscal year, analysts expect that the firm will post sales of $1.64 billion per share, with estimates ranging from $1.61 billion to $1.65 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, February 1st. The semiconductor company reported $1.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.53 by $0.34. Cirrus Logic had a net margin of 15.94% and a return on equity of 25.10%. The company had revenue of $523 million for the quarter, compared to analyst estimates of $495.22 million. During the same quarter in the prior year, the business posted $0.82 EPS. Cirrus Logic’s quarterly revenue was up 50.3% on a year-over-year basis.
Several equities analysts have commented on CRUS shares. Needham & Company LLC upped their price objective on shares of Cirrus Logic from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, February 2nd. Canaccord Genuity reiterated a “buy” rating and issued a $70.00 price objective on shares of Cirrus Logic in a report on Tuesday, January 31st. MKM Partners started coverage on shares of Cirrus Logic in a report on Wednesday, February 22nd. They issued a “buy” rating and a $65.00 price objective on the stock. Vetr downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating and set a $70.00 price objective on the stock. in a report on Tuesday. Finally, Pacific Crest reiterated an “equal weight” rating on shares of Cirrus Logic in a report on Monday, February 6th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $65.18.
Shares of Cirrus Logic (NASDAQ:CRUS) traded down 0.42% on Friday, hitting $63.92. 532,532 shares of the stock traded hands. Cirrus Logic has a 52 week low of $31.00 and a 52 week high of $66.10. The firm’s 50 day moving average is $59.42 and its 200 day moving average is $56.81. The firm has a market capitalization of $4.11 billion, a PE ratio of 17.62 and a beta of 0.11.
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In related news, VP Randolph K. Carlson sold 17,880 shares of the company’s stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $55.98, for a total transaction of $1,000,922.40. Following the completion of the sale, the vice president now owns 25,145 shares of the company’s stock, valued at $1,407,617.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alan R. Schuele sold 2,500 shares of the stock in a transaction dated Monday, January 30th. The stock was sold at an average price of $60.38, for a total transaction of $150,950.00. Following the completion of the transaction, the director now directly owns 13,109 shares of the company’s stock, valued at approximately $791,521.42. The disclosure for this sale can be found here. Insiders sold 27,240 shares of company stock worth $1,535,495 over the last 90 days. 3.10% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Northern Trust Corp raised its stake in shares of Cirrus Logic by 22.6% in the third quarter. Northern Trust Corp now owns 1,160,876 shares of the semiconductor company’s stock worth $61,700,000 after buying an additional 213,830 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Cirrus Logic by 77.3% in the third quarter. JPMorgan Chase & Co. now owns 204,437 shares of the semiconductor company’s stock worth $10,866,000 after buying an additional 89,153 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Cirrus Logic by 363.6% in the fourth quarter. AQR Capital Management LLC now owns 990,194 shares of the semiconductor company’s stock worth $55,986,000 after buying an additional 776,603 shares in the last quarter. Norges Bank acquired a new stake in shares of Cirrus Logic during the fourth quarter worth $36,132,000. Finally, Bessemer Group Inc. acquired a new stake in shares of Cirrus Logic during the fourth quarter worth $1,464,000. 88.60% of the stock is owned by hedge funds and other institutional investors.
About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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