Zacks: Analysts Expect Cirrus Logic, Inc. (CRUS) Will Announce Earnings of $0.54 Per Share
Analysts expect Cirrus Logic, Inc. (NASDAQ:CRUS) to announce earnings of $0.54 per share for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Cirrus Logic’s earnings. The lowest EPS estimate is $0.54 and the highest is $0.56. Cirrus Logic posted earnings of $0.33 per share in the same quarter last year, which would suggest a positive year over year growth rate of 63.6%. The firm is expected to report its next earnings report after the market closes on Wednesday, August 2nd.
On average, analysts expect that Cirrus Logic will report full-year earnings of $4.06 per share for the current financial year, with EPS estimates ranging from $3.97 to $4.20. For the next financial year, analysts expect that the firm will post earnings of $4.12 per share. Zacks’ EPS calculations are a mean average based on a survey of research analysts that follow Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, May 3rd. The semiconductor company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.14. Cirrus Logic had a return on equity of 26.32% and a net margin of 16.31%. The firm had revenue of $327.86 million for the quarter, compared to analysts’ expectations of $320.94 million. During the same period in the prior year, the firm posted $0.38 earnings per share. The firm’s quarterly revenue was up 41.3% on a year-over-year basis.
A number of brokerages have recently weighed in on CRUS. Vetr raised shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $70.00 price objective for the company in a research note on Wednesday, April 12th. Pacific Crest reaffirmed an “overweight” rating and issued a $75.00 target price on shares of Cirrus Logic in a research note on Wednesday, June 21st. Barclays PLC cut shares of Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 target price for the company. in a research note on Tuesday, July 18th. Dougherty & Co lifted their target price on shares of Cirrus Logic from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, May 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 target price (up from $70.00) on shares of Cirrus Logic in a research note on Thursday, June 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $68.77.
Cirrus Logic (CRUS) traded up 1.57% on Tuesday, reaching $64.06. The company had a trading volume of 900,458 shares. The stock has a market capitalization of $4.09 billion, a PE ratio of 16.34 and a beta of 0.03. The stock has a 50 day moving average price of $64.71 and a 200 day moving average price of $61.28. Cirrus Logic has a 52-week low of $40.59 and a 52-week high of $71.97.
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In other news, Director Christine King sold 7,000 shares of the business’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $63.73, for a total transaction of $446,110.00. Following the completion of the sale, the director now directly owns 8,126 shares of the company’s stock, valued at approximately $517,869.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Bradley J. Fluke sold 19,459 shares of the business’s stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $64.48, for a total transaction of $1,254,716.32. Following the sale, the vice president now directly owns 15,063 shares of the company’s stock, valued at $971,262.24. The disclosure for this sale can be found here. Insiders have sold a total of 96,853 shares of company stock valued at $6,197,708 over the last three months. Corporate insiders own 1.92% of the company’s stock.
Several hedge funds have recently made changes to their positions in CRUS. BlackRock Inc. boosted its stake in shares of Cirrus Logic by 20,057.8% in the first quarter. BlackRock Inc. now owns 6,973,982 shares of the semiconductor company’s stock valued at $423,252,000 after buying an additional 6,939,385 shares in the last quarter. LSV Asset Management boosted its stake in shares of Cirrus Logic by 1,368.2% in the first quarter. LSV Asset Management now owns 2,040,779 shares of the semiconductor company’s stock valued at $123,854,000 after buying an additional 1,901,779 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Cirrus Logic by 4,831.0% in the first quarter. UBS Asset Management Americas Inc. now owns 1,299,314 shares of the semiconductor company’s stock valued at $78,855,000 after buying an additional 1,272,964 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Cirrus Logic by 103.5% in the first quarter. AQR Capital Management LLC now owns 2,015,030 shares of the semiconductor company’s stock valued at $122,292,000 after buying an additional 1,024,836 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Cirrus Logic during the fourth quarter valued at about $36,132,000. 94.93% of the stock is owned by institutional investors.
About Cirrus Logic
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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