Analysts Anticipate Cirrus Logic, Inc. (NASDAQ:CRUS) Will Post Quarterly Sales of $260.79 Million

Wall Street analysts expect Cirrus Logic, Inc. (NASDAQ:CRUS) to announce sales of $260.79 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 $262.38 million and the lowest estimate coming in at $260.00 million. Cirrus Logic posted sales of $242.57 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 7.5%. The company is expected to issue its next earnings report on Monday, August 2nd.

According to Zacks, analysts expect that Cirrus Logic will report full-year sales of $1.49 billion for the current financial year, with estimates ranging from $1.47 billion to $1.53 billion. For the next financial year, analysts forecast that the company will post sales of $1.59 billion, with estimates ranging from $1.51 billion to $1.66 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that follow Cirrus Logic.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Thursday, April 29th. The semiconductor company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.05). The company had revenue of $293.54 million for the quarter, compared to analysts’ expectations of $301.05 million. Cirrus Logic had a return on equity of 17.06% and a net margin of 15.87%.

A number of equities analysts have recently issued reports on the company. Needham & Company LLC raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a research report on Tuesday, May 4th. Westpark Capital assumed coverage on Cirrus Logic in a research report on Wednesday. They set a “buy” rating and a $95.00 price target on the stock. Finally, KeyCorp reduced their price target on Cirrus Logic from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, May 6th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $98.00.

Cirrus Logic stock opened at $79.25 on Friday. The business’s fifty day moving average is $79.95. The stock has a market capitalization of $4.56 billion, a price-to-earnings ratio of 21.89, a P/E/G ratio of 2.39 and a beta of 0.90. Cirrus Logic has a twelve month low of $55.30 and a twelve month high of $103.25.

In other news, VP Andrew Brannan sold 7,553 shares of the stock in a transaction dated Tuesday, May 4th. The shares were sold at an average price of $75.00, for a total transaction of $566,475.00. Following the sale, the vice president now directly owns 5,593 shares of the company’s stock, valued at approximately $419,475. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Timothy R. Dehne sold 1,000 shares of the stock in a transaction dated Thursday, April 1st. The stock was sold at an average price of $86.77, for a total transaction of $86,770.00. Following the sale, the director now directly owns 16,014 shares in the company, valued at $1,389,534.78. The disclosure for this sale can be found here. 2.04% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of CRUS. BlackRock Inc. lifted its stake in Cirrus Logic by 4.0% in the 1st quarter. BlackRock Inc. now owns 6,626,608 shares of the semiconductor company’s stock valued at $561,870,000 after buying an additional 257,706 shares in the last quarter. Contour Asset Management LLC lifted its stake in Cirrus Logic by 64.6% in the 1st quarter. Contour Asset Management LLC now owns 1,037,843 shares of the semiconductor company’s stock valued at $87,999,000 after buying an additional 407,243 shares in the last quarter. Geode Capital Management LLC lifted its stake in Cirrus Logic by 6.2% in the 1st quarter. Geode Capital Management LLC now owns 981,819 shares of the semiconductor company’s stock valued at $83,248,000 after buying an additional 57,700 shares in the last quarter. Royce & Associates LP lifted its stake in Cirrus Logic by 3.1% in the 4th quarter. Royce & Associates LP now owns 807,773 shares of the semiconductor company’s stock valued at $66,399,000 after buying an additional 24,438 shares in the last quarter. Finally, Norges Bank purchased a new position in Cirrus Logic in the 4th quarter valued at about $65,413,000. 84.56% of the stock is currently owned by institutional investors and hedge funds.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, provides low-power, high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including codecs-chips that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; haptic drivers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that offer enhanced voice quality, voice capture, and audio playback features.

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Earnings History and Estimates for Cirrus Logic (NASDAQ:CRUS)

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