$221.95 Million in Sales Expected for Cirrus Logic, Inc. (NASDAQ:CRUS) This Quarter

Equities research analysts forecast that Cirrus Logic, Inc. (NASDAQ:CRUS) will report $221.95 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Cirrus Logic’s earnings, with estimates ranging from $220.00 million to $225.84 million. Cirrus Logic reported sales of $254.48 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 12.8%. The business is expected to announce its next earnings results on Wednesday, August 7th.

On average, analysts expect that Cirrus Logic will report full-year sales of $1.10 billion for the current fiscal year, with estimates ranging from $1.07 billion to $1.12 billion. For the next year, analysts anticipate that the business will report sales of $1.16 billion, with estimates ranging from $1.11 billion to $1.21 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Cirrus Logic.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. Cirrus Logic had a net margin of 7.59% and a return on equity of 10.65%. The business had revenue of $240.44 million for the quarter, compared to the consensus estimate of $219.67 million. During the same quarter last year, the firm earned $0.51 EPS. Cirrus Logic’s revenue for the quarter was down 20.7% on a year-over-year basis.

CRUS has been the topic of a number of recent research reports. MKM Partners raised their price target on shares of Cirrus Logic to $55.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. BidaskClub cut Cirrus Logic from a “buy” rating to a “hold” rating in a report on Friday, May 24th. ValuEngine cut Cirrus Logic from a “buy” rating to a “hold” rating in a report on Friday, May 17th. Zacks Investment Research upgraded Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 target price for the company in a report on Wednesday, May 8th. Finally, Cowen reiterated a “market perform” rating and issued a $48.00 target price (up from $38.00) on shares of Cirrus Logic in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $45.00.

Shares of CRUS traded up $1.42 on Friday, reaching $42.20. 27,903 shares of the company’s stock were exchanged, compared to its average volume of 509,593. The stock has a market cap of $2.38 billion, a PE ratio of 20.65, a P/E/G ratio of 1.88 and a beta of 0.85. The stock’s 50 day simple moving average is $41.71. Cirrus Logic has a 12 month low of $31.25 and a 12 month high of $50.12.

In related news, SVP Scott Thomas sold 6,153 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $45.00, for a total transaction of $276,885.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David J. Tupman sold 1,541 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $49.43, for a total transaction of $76,171.63. The disclosure for this sale can be found here. Company insiders own 2.79% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Thrivent Financial for Lutherans boosted its holdings in shares of Cirrus Logic by 5.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 15,497 shares of the semiconductor company’s stock valued at $514,000 after buying an additional 795 shares during the period. Strs Ohio grew its stake in Cirrus Logic by 1,068.0% during the first quarter. Strs Ohio now owns 29,200 shares of the semiconductor company’s stock worth $1,228,000 after buying an additional 26,700 shares in the last quarter. Cipher Capital LP acquired a new stake in Cirrus Logic during the fourth quarter worth about $666,000. Prudential Financial Inc. grew its stake in Cirrus Logic by 106.2% during the fourth quarter. Prudential Financial Inc. now owns 801,837 shares of the semiconductor company’s stock worth $26,605,000 after buying an additional 412,921 shares in the last quarter. Finally, Paloma Partners Management Co grew its stake in Cirrus Logic by 14.6% during the fourth quarter. Paloma Partners Management Co now owns 18,932 shares of the semiconductor company’s stock worth $628,000 after buying an additional 2,406 shares in the last quarter. 84.62% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.

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