Equities analysts expect Cirrus Logic, Inc. (NASDAQ:CRUS) to post $231.07 million in sales for the current quarter, Zacks reports. Three analysts have provided estimates for Cirrus Logic’s earnings, with the lowest sales estimate coming in at $230.00 million and the highest estimate coming in at $233.20 million. Cirrus Logic reported sales of $320.74 million during the same quarter last year, which indicates a negative year-over-year growth rate of 28%. The company is scheduled to report its next quarterly earnings report on Wednesday, August 1st.
According to Zacks, analysts expect that Cirrus Logic will report full-year sales of $1.36 billion for the current year, with estimates ranging from $1.31 billion to $1.39 billion. For the next financial year, analysts forecast that the company will report sales of $1.46 billion per share, with estimates ranging from $1.40 billion to $1.49 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, May 2nd. The semiconductor company reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.07). The company had revenue of $303.20 million for the quarter, compared to analysts’ expectations of $316.57 million. Cirrus Logic had a net margin of 10.57% and a return on equity of 20.50%. The firm’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.85 earnings per share.
CRUS has been the topic of a number of research analyst reports. Craig Hallum raised shares of Cirrus Logic from a “hold” rating to a “buy” rating and reduced their price objective for the company from $44.00 to $43.00 in a research report on Monday, April 30th. Zacks Investment Research downgraded shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 25th. BidaskClub raised shares of Cirrus Logic from a “strong sell” rating to a “sell” rating in a research report on Tuesday, March 13th. ValuEngine downgraded shares of Cirrus Logic from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 2nd. Finally, Stifel Nicolaus reduced their price objective on shares of Cirrus Logic from $60.00 to $52.00 and set a “buy” rating on the stock in a research report on Monday, April 23rd. Five analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $55.40.
Shares of Cirrus Logic stock opened at $38.78 on Friday. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 10.51, a P/E/G ratio of 1.38 and a beta of 0.29. Cirrus Logic has a 12-month low of $34.78 and a 12-month high of $66.87.
A number of institutional investors have recently made changes to their positions in the stock. Meadow Creek Investment Management LLC boosted its stake in Cirrus Logic by 18.5% in the 4th quarter. Meadow Creek Investment Management LLC now owns 8,500 shares of the semiconductor company’s stock worth $441,000 after purchasing an additional 1,326 shares in the last quarter. Allen Capital Group LLC boosted its stake in Cirrus Logic by 19.6% in the 1st quarter. Allen Capital Group LLC now owns 8,648 shares of the semiconductor company’s stock worth $351,000 after purchasing an additional 1,417 shares in the last quarter. Koch Industries Inc. boosted its stake in Cirrus Logic by 7.0% in the 1st quarter. Koch Industries Inc. now owns 22,685 shares of the semiconductor company’s stock worth $922,000 after purchasing an additional 1,481 shares in the last quarter. OppenheimerFunds Inc. boosted its stake in Cirrus Logic by 17.2% in the 4th quarter. OppenheimerFunds Inc. now owns 10,110 shares of the semiconductor company’s stock worth $524,000 after purchasing an additional 1,486 shares in the last quarter. Finally, Profund Advisors LLC boosted its stake in Cirrus Logic by 6.8% in the 1st quarter. Profund Advisors LLC now owns 25,008 shares of the semiconductor company’s stock worth $1,016,000 after purchasing an additional 1,602 shares in the last quarter. Institutional investors own 91.06% of the company’s stock.
Cirrus Logic Company Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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