Cirrus Logic, Inc. (CRUS) to Post Q3 2019 Earnings of $0.64 Per Share, Oppenheimer Forecasts

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Cirrus Logic, Inc. (NASDAQ:CRUS) – Stock analysts at Oppenheimer lowered their Q3 2019 earnings estimates for shares of Cirrus Logic in a report issued on Tuesday, December 4th. Oppenheimer analyst R. Schafer now anticipates that the semiconductor company will post earnings of $0.64 per share for the quarter, down from their previous forecast of $1.00. Oppenheimer also issued estimates for Cirrus Logic’s FY2019 earnings at $1.84 EPS.

Several other brokerages also recently commented on CRUS. BidaskClub upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating in a report on Wednesday, August 29th. ValuEngine upgraded shares of Cirrus Logic from a “sell” rating to a “hold” rating in a report on Tuesday, September 4th. TheStreet upgraded shares of Cirrus Logic from a “c+” rating to a “b-” rating in a report on Thursday, November 8th. Craig Hallum reiterated a “buy” rating and issued a $47.00 target price (down previously from $51.00) on shares of Cirrus Logic in a report on Friday, November 2nd. Finally, Cowen reiterated a “market perform” rating and issued a $42.00 target price (down previously from $44.00) on shares of Cirrus Logic in a report on Thursday, November 29th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $45.88.

Shares of CRUS opened at $37.98 on Thursday. The firm has a market capitalization of $2.27 billion, a P/E ratio of 10.29, a PEG ratio of 1.11 and a beta of 0.50. Cirrus Logic has a one year low of $34.49 and a one year high of $55.13.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Thursday, November 1st. The semiconductor company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.74 by $0.34. The firm had revenue of $366.30 million for the quarter, compared to the consensus estimate of $330.27 million. Cirrus Logic had a net margin of 7.09% and a return on equity of 15.55%. The business’s quarterly revenue was down 13.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.36 EPS.

Several large investors have recently bought and sold shares of CRUS. Partner Fund Management L.P. bought a new position in shares of Cirrus Logic during the 2nd quarter worth about $28,998,000. JPMorgan Chase & Co. increased its holdings in shares of Cirrus Logic by 98.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock worth $51,271,000 after purchasing an additional 657,662 shares during the period. BlackRock Inc. increased its holdings in shares of Cirrus Logic by 7.8% during the 2nd quarter. BlackRock Inc. now owns 8,486,370 shares of the semiconductor company’s stock worth $325,283,000 after purchasing an additional 610,960 shares during the period. Franklin Resources Inc. bought a new position in shares of Cirrus Logic during the 3rd quarter worth about $20,366,000. Finally, Prudential Financial Inc. increased its holdings in shares of Cirrus Logic by 354.3% during the 3rd quarter. Prudential Financial Inc. now owns 388,916 shares of the semiconductor company’s stock worth $15,012,000 after purchasing an additional 303,317 shares during the period. Institutional investors own 90.44% of the company’s stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.

Further Reading: What are different types of coverage ratios?

Earnings History and Estimates for Cirrus Logic (NASDAQ:CRUS)

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