Cirrus Logic, Inc. (CRUS) Expected to Post Quarterly Sales of $532.30 Million
Wall Street analysts forecast that Cirrus Logic, Inc. (NASDAQ:CRUS) will post sales of $532.30 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Cirrus Logic’s earnings. The highest sales estimate is $536.90 million and the lowest is $530.00 million. Cirrus Logic reported sales of $523.03 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.8%. The company is expected to announce its next quarterly earnings results on Wednesday, February 7th.
On average, analysts expect that Cirrus Logic will report full-year sales of $532.30 million for the current year, with estimates ranging from $1.65 billion to $1.66 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $1.73 billion per share, with estimates ranging from $1.70 billion to $1.75 billion. Zacks’ sales calculations 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 Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.16. The firm had revenue of $425.50 million during the quarter, compared to the consensus estimate of $410.32 million. Cirrus Logic had a return on equity of 25.37% and a net margin of 17.11%. The firm’s revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.35 EPS.
A number of brokerages have recently issued reports on CRUS. Northland Securities reissued a “buy” rating on shares of Cirrus Logic in a research note on Friday, November 3rd. Stifel Nicolaus reissued a “buy” rating on shares of Cirrus Logic in a research note on Wednesday, September 13th. Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research note on Tuesday, October 3rd. BidaskClub downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 2nd. Finally, Craig Hallum reissued a “hold” rating on shares of Cirrus Logic in a research note on Wednesday, September 13th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $67.05.
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In other Cirrus Logic news, VP Andrew Brannan sold 21,504 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $55.10, for a total transaction of $1,184,870.40. Following the sale, the vice president now owns 21,504 shares in the company, valued at approximately $1,184,870.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Christine King sold 5,000 shares of the stock in a transaction on Friday, September 15th. The shares were sold at an average price of $57.42, for a total value of $287,100.00. Following the sale, the director now owns 16,182 shares in the company, valued at approximately $929,170.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,367 shares of company stock worth $2,165,905. Insiders own 1.92% of the company’s stock.
A number of large investors have recently made changes to their positions in CRUS. Old Mutual Global Investors UK Ltd. grew its holdings in Cirrus Logic by 187.2% during the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 870,484 shares of the semiconductor company’s stock valued at $46,414,000 after buying an additional 567,354 shares during the last quarter. LSV Asset Management grew its holdings in Cirrus Logic by 27.3% during the 2nd quarter. LSV Asset Management now owns 2,597,827 shares of the semiconductor company’s stock valued at $162,935,000 after buying an additional 557,048 shares during the last quarter. Koch Industries Inc. grew its holdings in Cirrus Logic by 3,884.7% during the 2nd quarter. Koch Industries Inc. now owns 494,467 shares of the semiconductor company’s stock valued at $487,000 after buying an additional 482,058 shares during the last quarter. Prudential Financial Inc. grew its holdings in Cirrus Logic by 69.6% during the 3rd quarter. Prudential Financial Inc. now owns 967,033 shares of the semiconductor company’s stock valued at $51,562,000 after buying an additional 396,890 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Cirrus Logic by 111.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 565,509 shares of the semiconductor company’s stock valued at $35,470,000 after buying an additional 298,388 shares during the last quarter. Hedge funds and other institutional investors own 91.50% of the company’s stock.
Shares of Cirrus Logic (CRUS) opened at $55.26 on Friday. The company has a market capitalization of $3,487.57, a P/E ratio of 12.51, a price-to-earnings-growth ratio of 1.41 and a beta of 0.05. Cirrus Logic has a one year low of $49.05 and a one year high of $71.97.
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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