Equities research analysts expect Cirrus Logic, Inc. (NASDAQ:CRUS) to report sales of $330.34 million for the current quarter, according to Zacks. Three analysts have provided estimates for Cirrus Logic’s earnings, with the highest sales estimate coming in at $331.02 million and the lowest estimate coming in at $330.00 million. Cirrus Logic posted sales of $425.54 million in the same quarter last year, which would indicate a negative year over year growth rate of 22.4%. The firm is scheduled to report its next earnings report on Thursday, November 1st.
According to Zacks, analysts expect that Cirrus Logic will report full year sales of $1.35 billion for the current fiscal year, with estimates ranging from $1.31 billion to $1.38 billion. For the next financial year, analysts forecast that the business will report sales of $1.44 billion per share, with estimates ranging from $1.40 billion to $1.49 billion. Zacks’ sales averages 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 posted its quarterly earnings data on Wednesday, August 1st. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.36. Cirrus Logic had a return on equity of 17.46% and a net margin of 7.83%. The company had revenue of $254.48 million during the quarter, compared to analysts’ expectations of $231.38 million. During the same quarter in the previous year, the business earned $0.81 EPS. Cirrus Logic’s revenue was down 20.7% compared to the same quarter last year.
CRUS has been the subject of a number of recent analyst reports. Cowen initiated coverage on Cirrus Logic in a report on Thursday, May 17th. They set a “market perform” rating and a $40.00 price objective for the company. ValuEngine cut Cirrus Logic from a “sell” rating to a “strong sell” rating in a report on Saturday, June 2nd. BidaskClub upgraded Cirrus Logic from a “sell” rating to a “hold” rating in a report on Saturday, June 16th. Zacks Investment Research upgraded Cirrus Logic from a “sell” rating to a “hold” rating in a report on Tuesday, July 3rd. Finally, Craig Hallum boosted their price objective on Cirrus Logic from $43.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, August 2nd. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $53.24.
CRUS opened at $44.30 on Thursday. Cirrus Logic has a 52-week low of $34.78 and a 52-week high of $58.80. The firm has a market cap of $2.68 billion, a P/E ratio of 11.77, a price-to-earnings-growth ratio of 1.10 and a beta of 0.39.
In other Cirrus Logic news, Director Timothy R. Dehne sold 4,171 shares of Cirrus Logic stock in a transaction on Sunday, August 26th. The stock was sold at an average price of $44.99, for a total transaction of $187,653.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 4,664 shares of company stock valued at $207,176. 2.32% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. grace capital bought a new stake in Cirrus Logic during the 2nd quarter valued at $115,000. Itau Unibanco Holding S.A. raised its position in Cirrus Logic by 91.8% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 3,723 shares of the semiconductor company’s stock valued at $143,000 after purchasing an additional 1,782 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in Cirrus Logic during the 2nd quarter valued at $216,000. Victory Capital Management Inc. bought a new stake in Cirrus Logic during the 1st quarter valued at $245,000. Finally, O Shaughnessy Asset Management LLC raised its position in Cirrus Logic by 66.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,448 shares of the semiconductor company’s stock valued at $262,000 after purchasing an additional 2,566 shares in the last quarter. 91.95% of the stock is owned by institutional investors and hedge funds.
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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