Brokerages forecast that Cirrus Logic, Inc. (NASDAQ:CRUS) will report sales of $321.11 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Cirrus Logic’s earnings. The lowest sales estimate is $320.00 million and the highest is $322.63 million. Cirrus Logic reported sales of $327.86 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 2.1%. The firm is expected to issue its next quarterly earnings results on Wednesday, May 2nd.

According to Zacks, 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 financial year, analysts expect that the business will report 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 an average based on a survey of research firms that follow Cirrus Logic.

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Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Monday, February 5th. The semiconductor company reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.78 by ($0.19). Cirrus Logic had a return on equity of 22.60% and a net margin of 11.89%. The business had revenue of $482.70 million for the quarter, compared to analysts’ expectations of $530.99 million. During the same quarter last year, the firm earned $1.87 earnings per share. The firm’s quarterly revenue was down 7.7% compared to the same quarter last year.

CRUS has been the topic of several research analyst reports. BidaskClub downgraded Cirrus Logic from a “sell” rating to a “strong sell” rating in a research note on Tuesday, February 27th. Needham & Company LLC downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Tuesday, February 6th. Stifel Nicolaus dropped their target price on Cirrus Logic from $75.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, February 6th. Zacks Investment Research downgraded Cirrus Logic from a “hold” rating to a “sell” rating in a research note on Friday, January 12th. Finally, ValuEngine downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Five analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $60.22.

Shares of CRUS stock traded down $0.05 during mid-day trading on Friday, reaching $43.40. The company had a trading volume of 930,007 shares, compared to its average volume of 1,328,731. Cirrus Logic has a 1 year low of $39.51 and a 1 year high of $71.97. The stock has a market cap of $2,705.11, a P/E ratio of 15.61, a price-to-earnings-growth ratio of 1.24 and a beta of 0.11.

Cirrus Logic announced that its board has authorized a stock buyback plan on Monday, February 5th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

In other Cirrus Logic news, VP Randolph K. Carlson sold 7,265 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $42.03, for a total transaction of $305,347.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 7,888 shares of company stock worth $335,162. Company insiders own 1.92% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Cirrus Logic by 2.9% in the 4th quarter. BlackRock Inc. now owns 7,070,636 shares of the semiconductor company’s stock valued at $366,682,000 after buying an additional 197,960 shares during the period. LSV Asset Management lifted its holdings in shares of Cirrus Logic by 0.7% in the 4th quarter. LSV Asset Management now owns 3,198,586 shares of the semiconductor company’s stock valued at $165,878,000 after buying an additional 21,327 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Cirrus Logic by 7.8% in the 4th quarter. Bank of New York Mellon Corp now owns 1,764,220 shares of the semiconductor company’s stock valued at $91,491,000 after buying an additional 127,027 shares during the period. Old Mutual Global Investors UK Ltd. lifted its holdings 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 valued at $84,204,000 after buying an additional 753,200 shares during the period. Finally, UBS Asset Management Americas Inc. lifted its holdings in shares of Cirrus Logic by 10.6% in the 4th quarter. UBS Asset Management Americas Inc. now owns 1,304,324 shares of the semiconductor company’s stock valued at $67,642,000 after buying an additional 125,285 shares during the period. 91.49% of the stock is owned by institutional investors and hedge funds.

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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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