Cirrus Logic, Inc. (NASDAQ:CRUS) – Equities research analysts at Oppenheimer cut their FY2018 EPS estimates for shares of Cirrus Logic in a note issued to investors on Tuesday. Oppenheimer analyst R. Schafer now forecasts that the semiconductor company will earn $3.75 per share for the year, down from their previous estimate of $4.09.

Cirrus Logic (NASDAQ:CRUS) last issued 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 company had revenue of $482.70 million for the quarter, compared to analysts’ expectations of $530.99 million. Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.87 earnings per share.

A number of other analysts have also weighed in on the stock. ValuEngine raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Friday. Barclays lowered their price objective on shares of Cirrus Logic from $45.00 to $36.00 and set an “underweight” rating for the company in a research note on Tuesday. Needham & Company LLC lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Tuesday. BidaskClub lowered shares of Cirrus Logic from a “sell” rating to a “strong sell” rating in a research note on Tuesday, December 12th. Finally, Craig Hallum reaffirmed a “hold” rating and issued a $54.00 price objective (down from $63.00) on shares of Cirrus Logic in a research note on Friday, November 3rd. Five investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. Cirrus Logic currently has a consensus rating of “Hold” and a consensus price target of $60.92.

Shares of Cirrus Logic (CRUS) traded up $2.11 on Thursday, hitting $42.38. 2,386,290 shares of the stock were exchanged, compared to its average volume of 1,320,000. The stock has a market capitalization of $2,840.00, a price-to-earnings ratio of 15.24, a P/E/G ratio of 1.17 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 declared that its Board of Directors has approved a share buyback program on Monday, February 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

In related news, Director Christine King sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $54.14, for a total value of $270,700.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 6,140 shares of company stock valued at $328,552. 1.92% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in CRUS. Parametric Portfolio Associates LLC raised its holdings in Cirrus Logic by 15.7% in the second quarter. Parametric Portfolio Associates LLC now owns 100,552 shares of the semiconductor company’s stock worth $6,307,000 after purchasing an additional 13,637 shares in the last quarter. Stifel Financial Corp raised its holdings in Cirrus Logic by 11.8% in the second quarter. Stifel Financial Corp now owns 11,398 shares of the semiconductor company’s stock worth $713,000 after purchasing an additional 1,204 shares in the last quarter. Royal Bank of Canada raised its holdings in Cirrus Logic by 2.5% in the second quarter. Royal Bank of Canada now owns 30,651 shares of the semiconductor company’s stock worth $1,922,000 after purchasing an additional 758 shares in the last quarter. Shelton Capital Management bought a new position in Cirrus Logic in the second quarter worth about $296,000. Finally, Cornerstone Capital Management Holdings LLC. raised its holdings in Cirrus Logic by 384.6% in the second quarter. Cornerstone Capital Management Holdings LLC. now owns 99,541 shares of the semiconductor company’s stock worth $6,242,000 after purchasing an additional 79,002 shares in the last quarter. Institutional investors and hedge funds own 89.58% of the company’s stock.

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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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