Cirrus Logic, Inc. (NASDAQ:CRUS) – Research analysts at Oppenheimer decreased their Q4 2018 earnings estimates for Cirrus Logic in a research note issued on Tuesday. Oppenheimer analyst R. Schafer now forecasts that the semiconductor company will earn $0.44 per share for the quarter, down from their previous forecast of $0.61.

A number of other research firms have also recently issued reports on CRUS. Northland Securities reiterated a “buy” rating on shares of Cirrus Logic in a research note on Friday, November 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 target price on shares of Cirrus Logic in a research note on Friday, November 3rd. Craig Hallum reiterated a “hold” rating and issued a $54.00 target price (down from $63.00) on shares of Cirrus Logic in a research note on Friday, November 3rd. Zacks Investment Research cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Finally, Canaccord Genuity restated a “buy” rating and issued a $76.00 price objective on shares of Cirrus Logic in a research note on Friday, November 3rd. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $60.92.

Cirrus Logic (NASDAQ:CRUS) traded up $2.01 during midday trading on Friday, reaching $42.28. 1,589,574 shares of the company’s stock were exchanged, compared to its average volume of 1,399,309. The firm has a market capitalization of $2,600.00, a PE ratio of 14.78, a PEG ratio of 1.13 and a beta of -0.02. Cirrus Logic has a 1 year low of $39.51 and a 1 year high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Monday, February 5th. The semiconductor company reported $1.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.78 by ($0.19). The business had revenue of $482.70 million during the quarter, compared to analyst estimates of $530.99 million. Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. Cirrus Logic’s revenue was down 7.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.87 earnings per share.

A number of large investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. raised its stake in Cirrus Logic by 2.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 24,940 shares of the semiconductor company’s stock valued at $1,564,000 after purchasing an additional 592 shares during the last quarter. Royal Bank of Canada raised its stake in Cirrus Logic by 2.5% during the 2nd quarter. Royal Bank of Canada now owns 30,651 shares of the semiconductor company’s stock valued at $1,922,000 after purchasing an additional 758 shares during the last quarter. ETRADE Capital Management LLC raised its stake in Cirrus Logic by 30.2% during the 3rd quarter. ETRADE Capital Management LLC now owns 4,180 shares of the semiconductor company’s stock valued at $223,000 after purchasing an additional 970 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its stake in Cirrus Logic by 72.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock valued at $138,000 after purchasing an additional 1,086 shares during the last quarter. Finally, Stifel Financial Corp raised its stake in Cirrus Logic by 11.8% during the 2nd quarter. Stifel Financial Corp now owns 11,398 shares of the semiconductor company’s stock valued at $713,000 after purchasing an additional 1,204 shares during the last quarter. Hedge funds and other institutional investors own 89.58% of the company’s stock.

In related news, Director Christine King sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $54.14, for a total transaction of $270,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 6,140 shares of company stock valued at $328,552. Corporate insiders own 1.92% of the company’s stock.

Cirrus Logic announced that its Board of Directors has initiated a stock buyback plan on Monday, February 5th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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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.

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