Cirrus Logic, Inc. (CRUS) Expected to Post Quarterly Sales of $321.11 Million

Wall Street brokerages predict that Cirrus Logic, Inc. (NASDAQ:CRUS) will report $321.11 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Cirrus Logic’s earnings, with estimates ranging from $320.00 million to $322.63 million. Cirrus Logic reported sales of $327.86 million during the same quarter last year, which would suggest a negative year over year growth rate of 2.1%. The firm is expected to report its next quarterly earnings results on Wednesday, May 2nd.

According to Zacks, 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 expect that the company will post sales of $1.57 billion per share, with estimates ranging from $1.53 billion to $1.66 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Cirrus Logic.

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Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Monday, February 5th. The semiconductor company reported $1.59 EPS for the quarter, missing analysts’ consensus estimates of $1.78 by ($0.19). Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. The business had revenue of $482.70 million during the quarter, compared to analyst estimates of $530.99 million. During the same period last year, the business posted $1.87 EPS. Cirrus Logic’s revenue was down 7.7% compared to the same quarter last year.

CRUS has been the subject of a number of recent analyst reports. BidaskClub downgraded Cirrus Logic from a “sell” rating to a “strong sell” rating in a report on Tuesday, February 27th. Zacks Investment Research downgraded Cirrus Logic from a “hold” rating to a “sell” rating in a report on Friday, January 12th. ValuEngine downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Vetr downgraded Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 price target for the company. in a research note on Monday, December 18th. Finally, Stifel Nicolaus cut their price target on Cirrus Logic from $75.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, February 6th. Five investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. Cirrus Logic currently has an average rating of “Hold” and a consensus price target of $60.22.

CRUS stock traded down $1.44 during trading on Friday, reaching $40.70. The company’s stock had a trading volume of 1,128,810 shares, compared to its average volume of 1,321,414. Cirrus Logic has a 12 month low of $39.51 and a 12 month high of $71.97. The firm has a market capitalization of $2,750.10, a P/E ratio of 14.64, a P/E/G ratio of 1.26 and a beta of 0.11.

Cirrus Logic declared that its board has initiated a stock repurchase program on Monday, February 5th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

In other news, VP Randolph K. Carlson sold 7,265 shares of Cirrus Logic stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $42.03, for a total transaction of $305,347.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 7,888 shares of company stock valued at $335,162 in the last ninety days. Corporate insiders own 1.92% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Campbell & CO Investment Adviser LLC purchased a new stake in Cirrus Logic during the 3rd quarter worth about $251,000. BlackRock Inc. increased its position in Cirrus Logic by 2.9% during the 4th quarter. BlackRock Inc. now owns 7,070,636 shares of the semiconductor company’s stock worth $366,682,000 after purchasing an additional 197,960 shares in the last quarter. Cipher Capital LP purchased a new stake in Cirrus Logic during the 3rd quarter worth about $610,000. Commerzbank Aktiengesellschaft FI increased its position in Cirrus Logic by 8.8% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 140,092 shares of the semiconductor company’s stock worth $7,470,000 after purchasing an additional 11,317 shares in the last quarter. Finally, Swiss National Bank increased its position in Cirrus Logic by 1.6% during the 4th quarter. Swiss National Bank now owns 108,700 shares of the semiconductor company’s stock worth $5,637,000 after purchasing an additional 1,700 shares in the last quarter. Hedge funds and other institutional investors own 91.49% of the company’s stock.

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Cirrus Logic Company Profile

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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