$410.17 Million in Sales Expected for Cirrus Logic, Inc. (CRUS) This Quarter

Brokerages expect Cirrus Logic, Inc. (NASDAQ:CRUS) to post $410.17 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Cirrus Logic’s earnings. The highest sales estimate is $410.64 million and the lowest is $410.00 million. Cirrus Logic reported sales of $428.62 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 4.3%. The company is expected to report its next earnings results on Thursday, October 26th.

According to Zacks, analysts expect that Cirrus Logic will report full-year sales of $410.17 million for the current fiscal year, with estimates ranging from $1.64 billion to $1.65 billion. For the next financial year, analysts forecast that the firm will post sales of $1.72 billion per share, with estimates ranging from $1.69 billion to $1.75 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Cirrus Logic.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.66 by $0.15. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The company had revenue of $320.70 million for the quarter, compared to analyst estimates of $320.32 million. During the same period last year, the company posted $0.44 earnings per share. The firm’s revenue was up 23.6% compared to the same quarter last year.

Several research firms have recently commented on CRUS. Canaccord Genuity restated a “buy” rating and set a $76.00 price target on shares of Cirrus Logic in a report on Tuesday. ValuEngine cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Monday. Bank of America Corporation assumed coverage on shares of Cirrus Logic in a research note on Monday. They issued an “underperform” rating and a $50.00 price objective for the company. Craig Hallum reaffirmed a “hold” rating on shares of Cirrus Logic in a research note on Wednesday, September 13th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Cirrus Logic in a research note on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $67.83.

TRADEMARK VIOLATION WARNING: This piece was posted by StockNewsTimes and is the property of of StockNewsTimes. If you are accessing this piece on another publication, it was illegally copied and republished in violation of United States & international copyright and trademark law. The legal version of this piece can be accessed at https://stocknewstimes.com/2017/09/20/410-17-million-in-sales-expected-for-cirrus-logic-inc-crus-this-quarter-2.html.

In other Cirrus Logic news, VP Randolph K. Carlson sold 53,332 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $57.10, for a total transaction of $3,045,257.20. Following the completion of the transaction, the vice president now owns 27,265 shares of the company’s stock, valued at approximately $1,556,831.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William D. Sherman sold 1,378 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $61.84, for a total transaction of $85,215.52. Following the transaction, the director now directly owns 7,307 shares of the company’s stock, valued at approximately $451,864.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,313 shares of company stock valued at $5,523,018. Company insiders own 1.92% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Miles Capital Inc. lifted its position in Cirrus Logic by 0.3% during the 1st quarter. Miles Capital Inc. now owns 3,796 shares of the semiconductor company’s stock worth $230,000 after acquiring an additional 10 shares during the last quarter. Hanseatic Management Services Inc. lifted its position in Cirrus Logic by 0.3% during the 2nd quarter. Hanseatic Management Services Inc. now owns 29,468 shares of the semiconductor company’s stock worth $1,848,000 after acquiring an additional 75 shares during the last quarter. Teacher Retirement System of Texas lifted its position in Cirrus Logic by 1.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 5,118 shares of the semiconductor company’s stock worth $321,000 after acquiring an additional 76 shares during the last quarter. Liberty Mutual Group Asset Management Inc. lifted its position in Cirrus Logic by 0.3% during the 1st quarter. Liberty Mutual Group Asset Management Inc. now owns 29,065 shares of the semiconductor company’s stock worth $1,764,000 after acquiring an additional 82 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC lifted its position in Cirrus Logic by 0.8% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 11,069 shares of the semiconductor company’s stock worth $672,000 after acquiring an additional 89 shares during the last quarter. 89.08% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic (NASDAQ:CRUS) opened at 56.82 on Wednesday. The firm has a 50-day moving average price of $56.87 and a 200 day moving average price of $61.54. The stock has a market capitalization of $3.63 billion and a price-to-earnings ratio of 13.29. Cirrus Logic has a 52-week low of $49.05 and a 52-week high of $71.97.

Cirrus Logic Company Profile

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.

Get a free copy of the Zacks research report on Cirrus Logic (CRUS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Cirrus Logic Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply