Brokerages expect that Cirrus Logic, Inc. (NASDAQ:CRUS) will report sales of $321.11 million for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Cirrus Logic’s earnings, with the lowest sales estimate coming in at $320.00 million and the highest estimate coming in at $322.63 million. Cirrus Logic posted sales of $327.86 million during the same quarter last year, which would indicate a negative year over year growth rate of 2.1%. The company is expected to issue its next quarterly earnings results on Wednesday, May 2nd.
On average, analysts expect that Cirrus Logic will report full-year sales of $321.11 million for the current fiscal year, with estimates ranging from $1.55 billion to $1.63 billion. For the next year, analysts forecast that the firm will post sales of $1.57 billion per share, with estimates ranging from $1.53 billion to $1.66 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Monday, February 5th. The semiconductor company reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $1.78 by ($0.19). The company had revenue of $482.70 million for the quarter, compared to the consensus estimate of $530.99 million. Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. The business’s revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.87 earnings per share.
In other Cirrus Logic news, VP Randolph K. Carlson sold 7,265 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $42.03, for a total value of $305,347.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Christine King sold 562 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $49.75, for a total value of $27,959.50. Following the completion of the transaction, the director now directly owns 11,744 shares of the company’s stock, valued at approximately $584,264. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,405 shares of company stock valued at $363,200. Insiders own 1.92% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of CRUS. Amundi Pioneer Asset Management Inc. acquired a new position in Cirrus Logic in the 4th quarter worth about $100,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in Cirrus Logic by 72.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock worth $138,000 after purchasing an additional 1,086 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in Cirrus Logic by 96.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock worth $157,000 after purchasing an additional 1,372 shares in the last quarter. Delpha Capital Management LLC acquired a new position in Cirrus Logic in the 4th quarter worth about $161,000. Finally, Capital Fund Management S.A. acquired a new position in Cirrus Logic in the 4th quarter worth about $200,000. 91.67% of the stock is owned by institutional investors and hedge funds.
Shares of Cirrus Logic (CRUS) opened at $44.31 on Thursday. The firm has a market capitalization of $2,766.57, a price-to-earnings ratio of 15.94, a PEG ratio of 1.27 and a beta of -0.02. Cirrus Logic has a 1 year low of $39.51 and a 1 year high of $71.97.
Cirrus Logic declared that its board has approved a share repurchase program on Monday, February 5th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the semiconductor company to buy shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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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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