Analysts forecast that Cirrus Logic, Inc. (NASDAQ:CRUS) will post $321.11 million in sales for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Cirrus Logic’s earnings, with the highest sales estimate coming in at $322.63 million and the lowest estimate coming in at $320.00 million. Cirrus Logic posted sales of $327.86 million during the same quarter last year, which suggests a negative year-over-year growth rate of 2.1%. The company is scheduled to report its next earnings results on Wednesday, May 2nd.
According to Zacks, analysts expect that Cirrus Logic will report full year sales of $321.11 million for the current year, with estimates ranging from $1.55 billion to $1.63 billion. For the next year, analysts expect that the company will report sales of $1.57 billion per share, with estimates ranging from $1.53 billion to $1.66 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Monday, February 5th. The semiconductor company reported $1.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.78 by ($0.19). Cirrus Logic had a return on equity of 22.60% and a net margin of 11.89%. The firm had revenue of $482.70 million during the quarter, compared to the consensus estimate of $530.99 million. During the same period last year, the firm posted $1.87 earnings per share. The company’s revenue for the quarter was down 7.7% compared to the same quarter last year.
In other Cirrus Logic news, Director Christine King sold 562 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $49.75, for a total transaction of $27,959.50. Following the completion of the transaction, the director now owns 11,744 shares in the company, valued at $584,264. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 6,140 shares of company stock valued at $328,552 in the last 90 days. Company insiders own 1.92% of the company’s stock.
Several large investors have recently made changes to their positions in CRUS. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Cirrus Logic by 72.2% during 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 period. DekaBank Deutsche Girozentrale boosted its position in shares of Cirrus Logic by 96.2% during 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 period. Capital Fund Management S.A. purchased a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $200,000. Sapphire Star Partners LP purchased a new position in shares of Cirrus Logic during the third quarter valued at approximately $211,000. Finally, Rational Advisors LLC purchased a new position in shares of Cirrus Logic during the third quarter valued at approximately $213,000. Institutional investors and hedge funds own 89.58% of the company’s stock.
Shares of Cirrus Logic (NASDAQ CRUS) opened at $42.38 on Monday. Cirrus Logic has a twelve month low of $39.51 and a twelve month high of $71.97. The stock has a market capitalization of $2,700.00, a PE ratio of 15.24, a PEG ratio of 1.23 and a beta of -0.02.
Cirrus Logic declared that its Board of Directors has initiated a stock buyback plan on Monday, February 5th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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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