Cirrus Logic, Inc. (CRUS) Expected to Post Quarterly Sales of $321.11 Million

Wall Street analysts expect Cirrus Logic, Inc. (NASDAQ:CRUS) to report sales of $321.11 million for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Cirrus Logic’s earnings. The highest sales estimate is $322.63 million and the lowest is $320.00 million. Cirrus Logic reported sales of $327.86 million in the same quarter last year, which indicates a negative year over year growth rate of 2.1%. The company is expected to issue its next earnings results on Wednesday, May 2nd.

On average, analysts expect that Cirrus Logic will report full year sales of $321.11 million for the current year, with estimates ranging from $1.55 billion to $1.63 billion. For the next fiscal year, analysts expect that the firm will post sales of $1.57 billion per share, with estimates ranging from $1.53 billion to $1.66 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Cirrus Logic.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Monday, February 5th. The semiconductor company reported $1.59 EPS for the quarter, missing analysts’ consensus estimates of $1.78 by ($0.19). The business had revenue of $482.70 million for the quarter, compared to the consensus estimate of $530.99 million. Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.87 EPS.

A number of research analysts have commented on the company. Needham & Company LLC lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Tuesday, February 6th. Barclays lowered their price target on Cirrus Logic from $45.00 to $36.00 and set an “underweight” rating for the company in a research report on Tuesday, February 6th. BidaskClub lowered Cirrus Logic from a “sell” rating to a “strong sell” rating in a research report on Tuesday, December 12th. Craig Hallum reaffirmed a “hold” rating and set a $54.00 price target (down previously from $63.00) on shares of Cirrus Logic in a research report on Friday, November 3rd. Finally, Northland Securities reaffirmed a “buy” rating and set a $60.00 price target on shares of Cirrus Logic in a research report on Tuesday, February 6th. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $60.92.

Cirrus Logic (CRUS) traded up $0.14 on Monday, reaching $42.29. The company’s stock had a trading volume of 1,455,600 shares, compared to its average volume of 1,420,586. The company has a market cap of $2,670.89, a price-to-earnings ratio of 15.21, a price-to-earnings-growth ratio of 1.23 and a beta of -0.02. Cirrus Logic has a fifty-two week low of $39.51 and a fifty-two week high of $71.97.

Cirrus Logic declared that its Board of Directors has initiated a stock repurchase program on Monday, February 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor company to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

In other news, Director Christine King sold 562 shares of the stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $49.75, for a total value of $27,959.50. Following the completion of the transaction, the director now owns 11,744 shares of the company’s stock, valued at approximately $584,264. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 1,140 shares of company stock valued at $57,852 in the last three months. Corporate insiders own 1.92% of the company’s stock.

Several large investors have recently made changes to their positions in CRUS. Old Mutual Global Investors UK Ltd. raised its position in shares of Cirrus Logic by 86.5% in the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 1,623,684 shares of the semiconductor company’s stock worth $84,204,000 after acquiring an additional 753,200 shares in the last quarter. Schroder Investment Management Group raised its position in shares of Cirrus Logic by 7,628.2% in the 4th quarter. Schroder Investment Management Group now owns 497,003 shares of the semiconductor company’s stock worth $25,775,000 after acquiring an additional 490,572 shares in the last quarter. Koch Industries Inc. raised its position in shares of Cirrus Logic by 3,884.7% in the 2nd quarter. Koch Industries Inc. now owns 494,467 shares of the semiconductor company’s stock worth $487,000 after acquiring an additional 482,058 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Cirrus Logic by 69.6% in the 3rd quarter. Prudential Financial Inc. now owns 967,033 shares of the semiconductor company’s stock worth $51,562,000 after acquiring an additional 396,890 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Cirrus Logic in the 4th quarter worth approximately $11,923,000. 89.81% of the stock is owned by hedge funds and other institutional investors.

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About Cirrus Logic

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.

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