Wall Street analysts forecast that Cirrus Logic, Inc. (NASDAQ:CRUS) will report $260.79 million in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Cirrus Logic's earnings, with the highest sales estimate coming in at $262.38 million and the lowest estimate coming in at $260.00 million. Cirrus Logic posted sales of $242.57 million during the same quarter last year, which would indicate a positive year over year growth rate of 7.5%. The business is scheduled to announce its next quarterly earnings results on Monday, August 2nd.
On average, analysts expect that Cirrus Logic will report full year sales of $1.49 billion for the current fiscal year, with estimates ranging from $1.47 billion to $1.53 billion. For the next financial year, analysts expect that the business will post sales of $1.59 billion, with estimates ranging from $1.51 billion to $1.66 billion. Zacks Investment Research's sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Thursday, April 29th. The semiconductor company reported $0.66 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.71 by ($0.05). Cirrus Logic had a return on equity of 17.06% and a net margin of 15.87%. The business had revenue of $293.54 million for the quarter, compared to the consensus estimate of $301.05 million.
A number of equities analysts have weighed in on CRUS shares. KeyCorp reduced their price target on Cirrus Logic from $110.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, May 6th. Needham & Company LLC raised Cirrus Logic from a "hold" rating to a "buy" rating and set a $100.00 price target for the company in a research report on Tuesday, May 4th. Finally, Westpark Capital started coverage on Cirrus Logic in a research report on Wednesday. They set a "buy" rating and a $95.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of "Buy" and an average price target of $98.00.
In other Cirrus Logic news, Director Timothy R. Dehne sold 1,000 shares of the stock in a transaction on Thursday, April 1st. The stock was sold at an average price of $86.77, for a total transaction of $86,770.00. Following the transaction, the director now owns 16,014 shares in the company, valued at approximately $1,389,534.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Andrew Brannan sold 7,553 shares of the stock in a transaction on Tuesday, May 4th. The stock was sold at an average price of $75.00, for a total value of $566,475.00. Following the transaction, the vice president now owns 5,593 shares in the company, valued at approximately $419,475. The disclosure for this sale can be found here. Company insiders own 2.04% of the company's stock.
A number of hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. increased its position in Cirrus Logic by 16.3% during the 1st quarter. Principal Financial Group Inc. now owns 199,597 shares of the semiconductor company's stock worth $16,924,000 after buying an additional 27,916 shares during the period. B. Metzler seel. Sohn & Co. Holding AG increased its position in Cirrus Logic by 43.2% during the 1st quarter. B. Metzler seel. Sohn & Co. Holding AG now owns 4,732 shares of the semiconductor company's stock worth $401,000 after buying an additional 1,428 shares during the period. Earnest Partners LLC increased its position in Cirrus Logic by 30.7% during the 1st quarter. Earnest Partners LLC now owns 472,446 shares of the semiconductor company's stock worth $40,059,000 after buying an additional 110,864 shares during the period. Paloma Partners Management Co bought a new position in Cirrus Logic during the 1st quarter worth $271,000. Finally, Millennium Management LLC increased its position in shares of Cirrus Logic by 115.6% in the first quarter. Millennium Management LLC now owns 707,267 shares of the semiconductor company's stock worth $59,969,000 after purchasing an additional 379,227 shares during the period. Hedge funds and other institutional investors own 84.56% of the company's stock.
NASDAQ CRUS opened at $79.25 on Friday. The business's 50 day simple moving average is $79.95. Cirrus Logic has a 52-week low of $55.30 and a 52-week high of $103.25. The company has a market cap of $4.56 billion, a PE ratio of 21.89, a price-to-earnings-growth ratio of 2.39 and a beta of 0.90.
Cirrus Logic Company Profile
Cirrus Logic, Inc, a fabless semiconductor company, provides low-power, high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including codecs-chips that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; haptic drivers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that offer enhanced voice quality, voice capture, and audio playback features.
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