Q3 2018 Earnings Forecast for Cirrus Logic, Inc. (NASDAQ:CRUS) Issued By Oppenheimer Holdings
Cirrus Logic, Inc. (NASDAQ:CRUS) – Equities researchers at Oppenheimer Holdings increased their Q3 2018 earnings per share estimates for shares of Cirrus Logic in a research note issued to investors on Thursday. Oppenheimer Holdings analyst R. Schafer now forecasts that the semiconductor company will post earnings per share of $1.65 for the quarter, up from their prior estimate of $1.61. Oppenheimer Holdings also issued estimates for Cirrus Logic’s Q4 2018 earnings at $0.81 EPS.
A number of other research firms have also commented on CRUS. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price objective (up previously from $70.00) on shares of Cirrus Logic in a research note on Thursday, June 1st. Barclays PLC lowered Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 price objective on the stock. in a research note on Tuesday, July 18th. Stifel Nicolaus boosted their price objective on Cirrus Logic from $70.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, May 24th. Dougherty & Co boosted their price objective on Cirrus Logic from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, May 4th. Finally, KeyCorp reissued an “overweight” rating and issued a $75.00 price objective on shares of Cirrus Logic in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $68.59.
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Cirrus Logic (NASDAQ:CRUS) traded down 0.79% during trading on Monday, hitting $56.32. The stock had a trading volume of 928,881 shares. Cirrus Logic has a 52 week low of $47.01 and a 52 week high of $71.97. The firm has a market cap of $3.61 billion, a PE ratio of 13.17 and a beta of 0.01. The company’s 50-day moving average is $63.48 and its 200 day moving average is $61.50.
Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.15. The company had revenue of $320.70 million during the quarter, compared to analysts’ expectations of $320.32 million. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The business’s revenue was up 23.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 EPS.
In related news, Director William D. Sherman sold 1,378 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $61.84, for a total value of $85,215.52. Following the completion of the sale, the director now owns 7,307 shares in the company, valued at $451,864.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Scott Arnold Anderson sold 17,466 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $64.20, for a total value of $1,121,317.20. Following the completion of the sale, the vice president now owns 24,432 shares of the company’s stock, valued at approximately $1,568,534.40. The disclosure for this sale can be found here. Insiders have sold 41,777 shares of company stock worth $2,689,055 in the last ninety days. 1.92% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake in Cirrus Logic by 111.7% in the second quarter. JPMorgan Chase & Co. now owns 565,509 shares of the semiconductor company’s stock worth $35,470,000 after buying an additional 298,388 shares in the last quarter. State of Tennessee Treasury Department increased its stake in Cirrus Logic by 135.2% in the second quarter. State of Tennessee Treasury Department now owns 211,710 shares of the semiconductor company’s stock worth $13,278,000 after buying an additional 121,710 shares in the last quarter. Burney Co. increased its stake in Cirrus Logic by 2.7% in the second quarter. Burney Co. now owns 130,502 shares of the semiconductor company’s stock worth $8,258,000 after buying an additional 3,440 shares in the last quarter. Swiss National Bank increased its stake in Cirrus Logic by 2.0% in the second quarter. Swiss National Bank now owns 107,000 shares of the semiconductor company’s stock worth $6,711,000 after buying an additional 2,100 shares in the last quarter. Finally, Pacad Investment Ltd. increased its stake in Cirrus Logic by 31.2% in the second quarter. Pacad Investment Ltd. now owns 12,197 shares of the semiconductor company’s stock worth $765,000 after buying an additional 2,897 shares in the last quarter. Institutional investors and hedge funds own 94.23% of the company’s stock.
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.
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