Cirrus Logic (NASDAQ:CRUS) Announces Earnings Results

Key Points

• Cirrus Logic beat quarterly expectations: It reported earnings of $2.70 per share, versus the $2.42 consensus, and revenue of $559.46 million, above the $540.37 million estimate.
• Shares rose 3.3% on Wednesday to $115.99 following the results.
• Analyst views were mixed, with a consensus rating of Hold and an average price target of $147.86; recent recommendations included both downgrades and lower price targets.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) released its earnings results on Wednesday. The semiconductor company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.28, FiscalAI reports. The business had revenue of $559.46 million during the quarter, compared to the consensus estimate of $540.37 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.

Cirrus Logic Stock Up 3.3%

Shares of CRUS stock traded up $3.67 on Wednesday, hitting $115.99. The stock had a trading volume of 1,300,814 shares, compared to its average volume of 699,843. Cirrus Logic has a one year low of $105.10 and a one year high of $180.42. The business has a 50 day moving average price of $114.10 and a 200 day moving average price of $138.33. The company has a market cap of $5.81 billion, a PE ratio of 14.20 and a beta of 1.23.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Wall Street Zen lowered shares of Cirrus Logic from a "buy" rating to a "hold" rating in a report on Sunday, October 18th. Barclays downgraded shares of Cirrus Logic from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $130.00 to $95.00 in a research note on Tuesday, October 20th. Stifel Nicolaus reduced their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Zacks Research downgraded shares of Cirrus Logic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Finally, KeyCorp downgraded shares of Cirrus Logic from an "overweight" rating to a "sector weight" rating in a research note on Thursday, October 15th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Cirrus Logic has an average rating of "Hold" and a consensus price target of $147.86.

Insider Transactions at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey Baumgartner sold 1,166 shares of the firm's stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $107.75, for a total transaction of $125,636.50. Following the transaction, the executive vice president owned 11,741 shares of the company's stock, valued at approximately $1,265,092.75. This trade represents a 9.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 3,498 shares of company stock worth $401,850. 1.20% of the stock is owned by corporate insiders.

Cirrus Logic Company Profile

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company's product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.

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