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.
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 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.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cirrus Logic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic and related companies with MarketBeat.com's FREE daily email newsletter.