Q3 2018 Earnings Forecast for Cirrus Logic, Inc. (NASDAQ:CRUS) Issued By Oppenheimer Holdings
Cirrus Logic, Inc. (NASDAQ:CRUS) – Oppenheimer Holdings increased their Q3 2018 earnings per share estimates for Cirrus Logic in a research note issued on Thursday. Oppenheimer Holdings analyst R. Schafer now expects that the semiconductor company will post earnings per share of $1.65 for the quarter, up from their prior forecast of $1.61. Oppenheimer Holdings also issued estimates for Cirrus Logic’s Q4 2018 earnings at $0.81 EPS.
Several other brokerages have also recently issued reports on CRUS. Stifel Nicolaus boosted their price target on Cirrus Logic from $70.00 to $73.00 and gave the company a “buy” rating in a research report on Wednesday, May 24th. Vetr upgraded Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $66.67 price target on the stock in a research report on Thursday. KeyCorp restated an “overweight” rating and issued a $75.00 price target on shares of Cirrus Logic in a research report on Wednesday, July 12th. Needham & Company LLC restated a “buy” rating and issued a $70.00 price target on shares of Cirrus Logic in a research report on Friday, April 14th. Finally, Dougherty & Co boosted their price target on Cirrus Logic from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, May 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $68.67.
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Shares of Cirrus Logic (CRUS) opened at 57.45 on Monday. Cirrus Logic has a 12-month low of $47.01 and a 12-month high of $71.97. The company’s 50-day moving average price is $63.83 and its 200 day moving average price is $61.54. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 13.44 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.66 by $0.15. The firm had revenue of $320.70 million for the quarter, compared to analyst estimates of $320.32 million. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. Cirrus Logic’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same period last year, the company earned $0.44 earnings per share.
In other Cirrus Logic news, Director William D. Sherman sold 1,378 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $61.84, for a total transaction of $85,215.52. Following the transaction, the director now owns 7,307 shares in the company, valued at approximately $451,864.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Scott Arnold Anderson sold 22,466 shares of the business’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $64.62, for a total value of $1,451,752.92. Following the transaction, the vice president now owns 24,432 shares in the company, valued at approximately $1,578,795.84. The disclosure for this sale can be found here. Insiders have sold a total of 41,777 shares of company stock worth $2,689,055 in the last quarter. 1.92% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Miles Capital Inc. boosted its position in Cirrus Logic by 0.3% in the first quarter. Miles Capital Inc. now owns 3,796 shares of the semiconductor company’s stock valued at $230,000 after buying an additional 10 shares during the last quarter. Huntington National Bank boosted its stake in Cirrus Logic by 0.5% in the first quarter. Huntington National Bank now owns 2,442 shares of the semiconductor company’s stock worth $148,000 after buying an additional 11 shares in the last quarter. HL Financial Services LLC boosted its stake in Cirrus Logic by 0.3% in the first quarter. HL Financial Services LLC now owns 10,964 shares of the semiconductor company’s stock worth $665,000 after buying an additional 34 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Cirrus Logic by 1.5% in the second quarter. Teacher Retirement System of Texas now owns 5,118 shares of the semiconductor company’s stock worth $321,000 after buying an additional 76 shares in the last quarter. Finally, Liberty Mutual Group Asset Management Inc. boosted its stake in Cirrus Logic by 0.3% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 29,065 shares of the semiconductor company’s stock worth $1,764,000 after buying an additional 82 shares in the last quarter. Institutional investors own 94.23% of the company’s stock.
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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