Oppenheimer Weighs in on Cirrus Logic, Inc.’s FY2018 Earnings (CRUS)

Cirrus Logic, Inc. (NASDAQ:CRUS) – Equities researchers at Oppenheimer cut their FY2018 EPS estimates for Cirrus Logic in a research report issued on Tuesday. Oppenheimer analyst R. Schafer now anticipates that the semiconductor company will post earnings per share of $3.75 for the year, down from their previous forecast of $4.09.

A number of other equities analysts have also recently issued reports on CRUS. Zacks Investment Research cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Craig Hallum restated a “hold” rating and set a $54.00 target price (down previously from $63.00) on shares of Cirrus Logic in a research report on Friday, November 3rd. Needham & Company LLC restated a “buy” rating and set a $80.00 target price on shares of Cirrus Logic in a research report on Friday, November 3rd. Northland Securities restated a “buy” rating on shares of Cirrus Logic in a research report on Friday, November 3rd. Finally, Canaccord Genuity restated a “buy” rating and set a $76.00 target price on shares of Cirrus Logic in a research report on Friday, November 3rd. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $60.92.

Cirrus Logic (CRUS) traded down $0.50 during mid-day trading on Thursday, reaching $41.62. 1,279,189 shares of the company were exchanged, compared to its average volume of 1,324,626. The stock has a market capitalization of $2,690.00, a P/E ratio of 14.78, a P/E/G ratio of 1.14 and a beta of -0.02. Cirrus Logic has a 52-week low of $39.51 and a 52-week high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Monday, February 5th. The semiconductor company reported $1.59 EPS for the quarter, missing analysts’ consensus estimates of $1.78 by ($0.19). The company had revenue of $482.70 million for the quarter, compared to analysts’ expectations of $530.99 million. Cirrus Logic had a return on equity of 22.60% and a net margin of 11.89%. The firm’s quarterly revenue was down 7.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.87 EPS.

Cirrus Logic declared that its board has authorized a share repurchase plan on Monday, February 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

In other news, Director Christine King sold 562 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $49.75, for a total value of $27,959.50. Following the completion of the transaction, the director now owns 11,744 shares of the company’s stock, valued at $584,264. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last three months, insiders sold 6,140 shares of company stock valued at $328,552. Company insiders own 1.92% of the company’s stock.

Large investors have recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Cirrus Logic by 72.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock valued at $138,000 after buying an additional 1,086 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Cirrus Logic by 96.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock valued at $157,000 after buying an additional 1,372 shares during the last quarter. Sapphire Star Partners LP acquired a new position in shares of Cirrus Logic in the third quarter valued at approximately $211,000. Rational Advisors LLC acquired a new position in shares of Cirrus Logic in the third quarter valued at approximately $213,000. Finally, Ifrah Financial Services Inc. acquired a new position in shares of Cirrus Logic in the third quarter valued at approximately $217,000. 89.58% of the stock is owned by institutional investors and hedge funds.

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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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