Cirrus Logic, Inc. (CRUS) Posts Earnings Results, Beats Estimates By $0.16 EPS
Cirrus Logic, Inc. (NASDAQ:CRUS) issued its quarterly earnings results on Thursday. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.16, Bloomberg Earnings reports. Cirrus Logic had a net margin of 17.11% and a return on equity of 25.71%. The business had revenue of $425.50 million for the quarter, compared to analyst estimates of $410.32 million. During the same period in the previous year, the business posted $1.35 earnings per share. The business’s revenue was down .7% compared to the same quarter last year.
Shares of Cirrus Logic (CRUS) traded up $0.70 during mid-day trading on Friday, reaching $56.42. 2,027,782 shares of the company traded hands, compared to its average volume of 812,389. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 1.04 and a beta of 0.05.
In related news, CFO Thurman K. Case sold 8,610 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $57.35, for a total value of $493,783.50. Following the completion of the sale, the chief financial officer now owns 3,880 shares in the company, valued at $222,518. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alan R. Schuele sold 2,000 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 14,165 shares of the company’s stock, valued at approximately $811,654.50. The disclosure for this sale can be found here. Insiders have sold 108,309 shares of company stock worth $6,101,096 over the last three months. 1.92% of the stock is currently owned by insiders.
A number of research analysts have recently issued reports on the stock. Northland Securities reiterated a “buy” rating on shares of Cirrus Logic in a research note on Friday. Needham & Company LLC reissued a “buy” rating and set a $80.00 price objective on shares of Cirrus Logic in a report on Friday. Craig Hallum reissued a “hold” rating and set a $54.00 price objective (down previously from $63.00) on shares of Cirrus Logic in a report on Friday. Zacks Investment Research downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Finally, ValuEngine raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Cirrus Logic currently has a consensus rating of “Buy” and an average price target of $67.05.
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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