Equities analysts expect Cirrus Logic, Inc. (NASDAQ:CRUS) to announce $330.34 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Cirrus Logic’s earnings, with estimates ranging from $330.00 million to $331.02 million. Cirrus Logic posted sales of $425.54 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 22.4%. The business is scheduled to issue its next earnings results on Thursday, November 1st.
On average, analysts expect that Cirrus Logic will report full year sales of $1.35 billion for the current financial year, with estimates ranging from $1.31 billion to $1.38 billion. For the next fiscal year, analysts forecast that the firm will post sales of $1.44 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 sell-side analysts that cover Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, August 1st. The semiconductor company reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.36. Cirrus Logic had a net margin of 7.83% and a return on equity of 17.46%. The firm had revenue of $254.48 million during the quarter, compared to analyst estimates of $231.38 million. During the same quarter in the prior year, the business earned $0.81 earnings per share. Cirrus Logic’s revenue for the quarter was down 20.7% on a year-over-year basis.
A number of equities analysts recently weighed in on the stock. BidaskClub lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Thursday, September 6th. ValuEngine upgraded shares of Cirrus Logic from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Zacks Investment Research upgraded shares of Cirrus Logic from a “sell” rating to a “hold” rating in a research report on Tuesday, July 3rd. Susquehanna Bancshares increased their price objective on shares of Cirrus Logic from $45.00 to $59.00 and gave the company a “positive” rating in a research report on Thursday, August 2nd. Finally, Cowen increased their price objective on shares of Cirrus Logic from $40.00 to $44.00 and gave the company a “market perform” rating in a research report on Thursday, August 2nd. Four analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. Cirrus Logic has a consensus rating of “Hold” and a consensus price target of $53.24.
In other Cirrus Logic news, Director Timothy R. Dehne sold 4,171 shares of the stock in a transaction on Sunday, August 26th. The shares were sold at an average price of $44.99, for a total transaction of $187,653.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 4,664 shares of company stock valued at $207,176 in the last quarter. 2.32% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. grace capital purchased a new stake in shares of Cirrus Logic in the second quarter valued at $115,000. Itau Unibanco Holding S.A. raised its stake in shares of Cirrus Logic by 91.8% in the second quarter. Itau Unibanco Holding S.A. now owns 3,723 shares of the semiconductor company’s stock valued at $143,000 after acquiring an additional 1,782 shares during the period. Fox Run Management L.L.C. purchased a new stake in shares of Cirrus Logic in the second quarter valued at $216,000. Victory Capital Management Inc. purchased a new stake in shares of Cirrus Logic in the first quarter valued at $245,000. Finally, Hikari Power Ltd purchased a new stake in shares of Cirrus Logic in the second quarter valued at $250,000. Institutional investors and hedge funds own 91.95% of the company’s stock.
Shares of NASDAQ:CRUS traded down $1.72 during midday trading on Thursday, reaching $39.32. 2,049,200 shares of the company were exchanged, compared to its average volume of 1,190,681. Cirrus Logic has a one year low of $34.78 and a one year high of $58.80. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of 11.22, a P/E/G ratio of 1.03 and a beta of 0.38.
About Cirrus Logic
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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