Wall Street brokerages forecast that Cirrus Logic, Inc. (NASDAQ:CRUS) will announce $532.30 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Cirrus Logic’s earnings, with the lowest sales estimate coming in at $530.00 million and the highest estimate coming in at $536.90 million. Cirrus Logic posted sales of $523.03 million during the same quarter last year, which suggests a positive year over year growth rate of 1.8%. The firm is expected to report its next earnings results on Wednesday, February 7th.

On average, analysts expect that Cirrus Logic will report full-year sales of $532.30 million for the current financial year, with estimates ranging from $1.65 billion to $1.66 billion. For the next financial year, analysts expect that the business will report sales of $1.73 billion per share, with estimates ranging from $1.70 billion to $1.75 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Cirrus Logic.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.16. Cirrus Logic had a return on equity of 25.37% and a net margin of 17.11%. The business had revenue of $425.50 million during the quarter, compared to the consensus estimate of $410.32 million. During the same period in the previous year, the business earned $1.35 EPS. The business’s quarterly revenue was down .7% on a year-over-year basis.

Several analysts have recently weighed in on the company. BidaskClub downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a report on Tuesday, October 3rd. Canaccord Genuity reissued a “buy” rating and issued a $76.00 target price on shares of Cirrus Logic in a report on Friday, November 3rd. Craig Hallum reissued a “hold” rating on shares of Cirrus Logic in a report on Wednesday, September 13th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $75.00 target price on shares of Cirrus Logic in a report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Cirrus Logic currently has an average rating of “Buy” and an average target price of $67.05.

In other Cirrus Logic news, Director Christine King sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $57.42, for a total transaction of $287,100.00. Following the transaction, the director now owns 16,182 shares in the company, valued at approximately $929,170.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Andrew Brannan sold 21,504 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $55.10, for a total value of $1,184,870.40. Following the transaction, the vice president now owns 21,504 shares in the company, valued at approximately $1,184,870.40. The disclosure for this sale can be found here. Insiders have sold a total of 44,367 shares of company stock worth $2,436,605 in the last quarter. 1.92% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LSV Asset Management increased its position in Cirrus Logic by 27.3% during the 2nd quarter. LSV Asset Management now owns 2,597,827 shares of the semiconductor company’s stock worth $162,935,000 after purchasing an additional 557,048 shares during the period. State Street Corp increased its position in Cirrus Logic by 2.2% during the 2nd quarter. State Street Corp now owns 2,274,959 shares of the semiconductor company’s stock worth $142,688,000 after purchasing an additional 48,716 shares during the period. Bank of New York Mellon Corp increased its position in Cirrus Logic by 9.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,637,193 shares of the semiconductor company’s stock worth $87,293,000 after purchasing an additional 140,460 shares during the period. Northern Trust Corp increased its position in Cirrus Logic by 3.4% during the 2nd quarter. Northern Trust Corp now owns 1,212,478 shares of the semiconductor company’s stock worth $76,047,000 after purchasing an additional 40,264 shares during the period. Finally, Prudential Financial Inc. increased its position in Cirrus Logic by 69.6% during the 3rd quarter. Prudential Financial Inc. now owns 967,033 shares of the semiconductor company’s stock worth $51,562,000 after purchasing an additional 396,890 shares during the period. Institutional investors own 87.77% of the company’s stock.

Cirrus Logic (NASDAQ:CRUS) traded up $0.45 during trading on Friday, hitting $56.22. The stock had a trading volume of 555,201 shares, compared to its average volume of 1,154,078. Cirrus Logic has a fifty-two week low of $49.05 and a fifty-two week high of $71.97. The stock has a market cap of $3,560.00, a P/E ratio of 12.73, a P/E/G ratio of 1.45 and a beta of 0.05.

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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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