Wall Street brokerages predict that Cirrus Logic, Inc. (NASDAQ:CRUS) will announce $531.84 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Cirrus Logic’s earnings, with the lowest sales estimate coming in at $530.00 million and the highest estimate coming in at $536.90 million. Cirrus Logic reported sales of $523.03 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.7%. The firm is expected to report its next earnings results on Wednesday, February 7th.

According to Zacks, analysts expect that Cirrus Logic will report full-year sales of $531.84 million for the current fiscal year, with estimates ranging from $1.63 billion to $1.66 billion. For the next year, analysts forecast that the firm will report sales of $1.72 billion per share, with estimates ranging from $1.66 billion to $1.75 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Cirrus Logic.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.16. The business had revenue of $425.50 million during the quarter, compared to analysts’ expectations of $410.32 million. Cirrus Logic had a return on equity of 25.37% and a net margin of 17.11%. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period last year, the firm posted $1.35 EPS.

CRUS has been the subject of several research reports. Zacks Investment Research cut Cirrus Logic from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Stifel Nicolaus reissued a “buy” rating and set a $73.00 price target (down from $75.00) on shares of Cirrus Logic in a report on Wednesday, August 9th. KeyCorp reissued an “overweight” rating on shares of Cirrus Logic in a report on Thursday, September 14th. Craig Hallum reissued a “hold” rating on shares of Cirrus Logic in a report on Wednesday, September 13th. Finally, Bank of America initiated coverage on Cirrus Logic in a report on Monday, September 18th. They set an “underperform” rating and a $50.00 price target for the company. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $67.05.

In other Cirrus Logic news, VP Bradley J. Fluke sold 7,325 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $53.44, for a total transaction of $391,448.00. Following the transaction, the vice president now owns 12,000 shares in the company, valued at approximately $641,280. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Christine King sold 5,000 shares of Cirrus Logic stock in a transaction on Friday, September 15th. The shares were sold at an average price of $57.42, for a total value of $287,100.00. Following the completion of the transaction, the director now owns 16,182 shares in the company, valued at approximately $929,170.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,881 shares of company stock worth $1,251,772. Corporate insiders own 1.92% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio increased its stake in shares of Cirrus Logic by 5.4% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 44,822 shares of the semiconductor company’s stock valued at $2,390,000 after purchasing an additional 2,283 shares during the last quarter. California Public Employees Retirement System increased its stake in shares of Cirrus Logic by 2.1% in the 3rd quarter. California Public Employees Retirement System now owns 166,160 shares of the semiconductor company’s stock valued at $8,860,000 after purchasing an additional 3,460 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Cirrus Logic by 29.0% in the 3rd quarter. Janney Montgomery Scott LLC now owns 15,843 shares of the semiconductor company’s stock valued at $845,000 after purchasing an additional 3,558 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Cirrus Logic in the 3rd quarter valued at $3,335,000. Finally, Vident Investment Advisory LLC bought a new position in shares of Cirrus Logic in the 3rd quarter valued at $2,117,000. Institutional investors own 89.26% of the company’s stock.

Shares of Cirrus Logic (CRUS) opened at $50.40 on Wednesday. The firm has a market capitalization of $3,255.20, a P/E ratio of 11.67, a P/E/G ratio of 1.34 and a beta of 0.01. Cirrus Logic has a fifty-two week low of $49.70 and a fifty-two week high of $71.97.

ILLEGAL ACTIVITY NOTICE: “Zacks: Brokerages Expect Cirrus Logic, Inc. (CRUS) Will Announce Quarterly Sales of $531.84 Million” was originally reported by American Banking News and is the sole property of of American Banking News. If you are reading this story on another website, it was stolen and republished in violation of US and international trademark and copyright laws. The correct version of this story can be read at https://www.americanbankingnews.com/2017/12/06/zacks-brokerages-expect-cirrus-logic-inc-crus-will-announce-quarterly-sales-of-531-84-million.html.

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.

Get a free copy of the Zacks research report on Cirrus Logic (CRUS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Cirrus Logic Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic Inc. and related companies with MarketBeat.com's FREE daily email newsletter.