Brokerages Anticipate Cirrus Logic, Inc. (CRUS) Will Post Quarterly Sales of $410.17 Million
Equities research analysts forecast that Cirrus Logic, Inc. (NASDAQ:CRUS) will announce $410.17 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for Cirrus Logic’s earnings, with the lowest sales estimate coming in at $410.00 million and the highest estimate coming in at $410.64 million. Cirrus Logic posted sales of $428.62 million during the same quarter last year, which would indicate a negative year over year growth rate of 4.3%. The firm is expected to report its next earnings results after the market closes on Thursday, November 2nd.
On average, analysts expect that Cirrus Logic will report full year sales of $410.17 million for the current fiscal year, with estimates ranging from $1.64 billion to $1.65 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $1.72 billion per share, with estimates ranging from $1.69 billion to $1.75 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The business had revenue of $320.70 million during the quarter, compared to analysts’ expectations of $320.32 million. During the same quarter in the previous year, the company earned $0.44 EPS. The business’s revenue was up 23.6% on a year-over-year basis.
A number of brokerages have weighed in on CRUS. Zacks Investment Research lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. ValuEngine upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Canaccord Genuity reiterated a “buy” rating and set a $76.00 target price on shares of Cirrus Logic in a research report on Tuesday, September 19th. Bank of America Corporation began coverage on shares of Cirrus Logic in a research report on Monday, September 18th. They set an “underperform” rating and a $50.00 target price for the company. Finally, Craig Hallum reiterated a “hold” rating on shares of Cirrus Logic in a research report on Wednesday, September 13th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Cirrus Logic has a consensus rating of “Buy” and an average price target of $67.69.
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In related news, Director William D. Sherman sold 1,378 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $61.84, for a total value of $85,215.52. Following the sale, the director now directly owns 7,307 shares of the company’s stock, valued at $451,864.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Randolph K. Carlson sold 53,332 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $57.10, for a total transaction of $3,045,257.20. Following the completion of the sale, the vice president now directly owns 27,265 shares in the company, valued at $1,556,831.50. The disclosure for this sale can be found here. Insiders sold 109,666 shares of company stock worth $6,186,793 over the last ninety days. 1.92% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Crossmark Global Holdings Inc. purchased a new stake in Cirrus Logic in the third quarter valued at approximately $489,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Cirrus Logic in the third quarter valued at approximately $322,000. Peregrine Capital Management LLC purchased a new stake in Cirrus Logic in the third quarter valued at approximately $8,531,000. First Trust Advisors LP raised its stake in Cirrus Logic by 5.0% in the third quarter. First Trust Advisors LP now owns 70,112 shares of the semiconductor company’s stock valued at $3,738,000 after purchasing an additional 3,366 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in Cirrus Logic in the third quarter valued at approximately $848,000. 89.25% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cirrus Logic (NASDAQ CRUS) opened at 57.02 on Friday. The firm has a market cap of $3.64 billion, a PE ratio of 13.33 and a beta of 0.01. The firm has a 50-day moving average of $54.70 and a 200 day moving average of $60.62. Cirrus Logic has a 52 week low of $49.05 and a 52 week high of $71.97.
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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