Wall Street analysts expect Cirrus Logic, Inc. (NASDAQ:CRUS) to report $321.11 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Cirrus Logic’s earnings. The highest sales estimate is $322.63 million and the lowest is $320.00 million. Cirrus Logic reported sales of $327.86 million in the same quarter last year, which suggests a negative year over year growth rate of 2.1%. The firm is scheduled to report its next earnings report 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 financial year, analysts anticipate that the business will report sales of $1.57 billion per share, with estimates ranging from $1.53 billion to $1.66 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Monday, February 5th. The semiconductor company reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.78 by ($0.19). The business had revenue of $482.70 million for the quarter, compared to analyst estimates of $530.99 million. Cirrus Logic had a return on equity of 22.60% and a net margin of 11.89%. The business’s revenue was down 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.87 EPS.
A number of equities analysts have issued reports on CRUS shares. Northland Securities restated a “buy” rating on shares of Cirrus Logic in a research report on Friday, November 3rd. BidaskClub cut shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Wednesday, December 6th. Zacks Investment Research cut shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Friday, January 12th. ValuEngine cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Finally, Vetr lowered shares of Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 price objective for the company. in a research report on Monday, December 18th. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $60.92.
In other news, Director Christine King sold 562 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were 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 owns 11,744 shares of the company’s stock, valued at $584,264. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last three months, insiders sold 1,140 shares of company stock valued at $57,852. Company insiders own 1.92% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Campbell & CO Investment Adviser LLC acquired a new position in Cirrus Logic during the third quarter worth approximately $251,000. Koch Industries Inc. increased its position in Cirrus Logic by 3,884.7% during the second quarter. Koch Industries Inc. now owns 494,467 shares of the semiconductor company’s stock worth $487,000 after purchasing an additional 482,058 shares during the last quarter. Kiwi Wealth Investments Limited Partnership increased its position in Cirrus Logic by 40.1% during the third quarter. Kiwi Wealth Investments Limited Partnership now owns 40,677 shares of the semiconductor company’s stock worth $2,169,000 after purchasing an additional 11,633 shares during the last quarter. Cipher Capital LP acquired a new position in Cirrus Logic during the third quarter worth approximately $610,000. Finally, Commerzbank Aktiengesellschaft FI increased its position in Cirrus Logic by 8.8% during the third 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 during the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.
Shares of Cirrus Logic (NASDAQ CRUS) traded up $0.14 on Monday, reaching $42.29. 1,455,600 shares of the company’s stock were exchanged, compared to its average volume of 1,420,586. The firm has a market capitalization of $2,670.89, a PE ratio of 15.21, a P/E/G ratio of 1.23 and a beta of -0.02. Cirrus Logic has a one year low of $39.51 and a one year high of $71.97.
Cirrus Logic declared that its board has authorized a share repurchase plan on Monday, February 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
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.