Cirrus Logic, Inc. (CRUS) Issues Quarterly Earnings Results, Beats Expectations By $0.16 EPS
Cirrus Logic, Inc. (NASDAQ:CRUS) released its quarterly earnings results on Thursday. The semiconductor company reported $1.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.16, Bloomberg Earnings reports. The business had revenue of $425.50 million during the quarter, compared to analysts’ expectations of $410.32 million. Cirrus Logic had a return on equity of 25.71% and a net margin of 17.11%. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period last year, the firm posted $1.35 EPS.
Shares of Cirrus Logic (NASDAQ:CRUS) traded up $0.70 on Friday, hitting $56.42. The stock had a trading volume of 2,027,782 shares, compared to its average volume of 812,389. The company has a market cap of $3.61 billion, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 1.04 and a beta of 0.05.
In other news, VP Andrew Brannan sold 21,504 shares of Cirrus Logic stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $55.10, for a total value of $1,184,870.40. Following the transaction, the vice president now owns 21,504 shares in the company, valued at approximately $1,184,870.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Alan R. Schuele sold 2,000 shares of Cirrus Logic stock in a transaction on Monday, August 7th. The shares were sold at an average price of $57.30, for a total value of $114,600.00. Following the completion of the transaction, the director now owns 14,165 shares in the company, valued at approximately $811,654.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,309 shares of company stock worth $6,101,096. Corporate insiders own 1.92% of the company’s stock.
Several research firms recently weighed in on CRUS. Barclays PLC cut Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 price target for the company. in a report on Tuesday, July 18th. KeyCorp reissued an “overweight” rating and set a $75.00 price target on shares of Cirrus Logic in a report on Wednesday, July 12th. Stifel Nicolaus reissued a “buy” rating and set a $75.00 price target on shares of Cirrus Logic in a report on Thursday, August 3rd. BidaskClub cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, Vetr raised Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $66.67 price target for the company in a report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $67.05.
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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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