Equities research analysts expect Cirrus Logic, Inc. (NASDAQ:CRUS – Get Rating) to announce $370.13 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Cirrus Logic’s earnings. The lowest sales estimate is $370.00 million and the highest is $370.38 million. Cirrus Logic reported sales of $277.25 million during the same quarter last year, which suggests a positive year-over-year growth rate of 33.5%. The firm is scheduled to issue its next quarterly earnings results on Monday, January 1st.
On average, analysts expect that Cirrus Logic will report full-year sales of $1.81 billion for the current financial year, with estimates ranging from $1.80 billion to $1.84 billion. For the next year, analysts expect that the firm will post sales of $1.96 billion, with estimates ranging from $1.94 billion to $2.00 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS – Get Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The semiconductor company reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.60. The company had revenue of $498.97 million for the quarter, compared to the consensus estimate of $420.19 million. Cirrus Logic had a return on equity of 23.52% and a net margin of 18.32%. Cirrus Logic’s revenue for the quarter was up 70.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.47 earnings per share.
In other news, Director Alexander M. Davern sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $79.99, for a total transaction of $79,990.00. Following the sale, the director now owns 17,575 shares of the company’s stock, valued at approximately $1,405,824.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Justin E. Dougherty sold 4,039 shares of the business’s stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $80.94, for a total value of $326,916.66. Following the sale, the vice president now directly owns 5,673 shares in the company, valued at approximately $459,172.62. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Vise Technologies Inc. purchased a new position in shares of Cirrus Logic during the 1st quarter worth $252,000. Bank of America Corp DE lifted its position in shares of Cirrus Logic by 2.7% during the first quarter. Bank of America Corp DE now owns 986,975 shares of the semiconductor company’s stock worth $83,685,000 after purchasing an additional 25,737 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Cirrus Logic by 5.1% during the first quarter. BNP Paribas Arbitrage SA now owns 87,387 shares of the semiconductor company’s stock worth $7,410,000 after purchasing an additional 4,267 shares during the last quarter. Sprott Inc. bought a new position in shares of Cirrus Logic during the first quarter worth about $254,000. Finally, Delphia USA Inc. bought a new position in shares of Cirrus Logic during the first quarter worth about $232,000. 86.74% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ CRUS traded down $1.58 during midday trading on Monday, hitting $80.00. The stock had a trading volume of 15,962 shares, compared to its average volume of 371,240. The company has a market capitalization of $4.47 billion, a PE ratio of 14.78, a P/E/G ratio of 5.46 and a beta of 0.90. The stock has a 50 day simple moving average of $78.96 and a 200-day simple moving average of $83.70. Cirrus Logic has a 1 year low of $73.45 and a 1 year high of $95.84.
About Cirrus Logic (Get Rating)
Cirrus Logic, Inc, a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processer; boosted amplifiers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, hearing augmentation, and active noise cancellation.
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