Cirrus Logic (NASDAQ:CRUS) Posts Earnings Results, Beats Estimates By $0.28 EPS

Cirrus Logic (NASDAQ:CRUS) announced its quarterly earnings results on Wednesday. The semiconductor company reported $2.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.42 by $0.28, FiscalAI reports. The business had revenue of $559.46 million for the quarter, compared to the consensus estimate of $540.37 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.

Cirrus Logic Stock Up 3.3%

Shares of CRUS traded up $3.67 during mid-day trading on Wednesday, hitting $115.99. 1,300,814 shares of the company traded hands, compared to its average volume of 699,843. Cirrus Logic has a 1-year low of $105.10 and a 1-year high of $180.42. The company has a market capitalization of $5.81 billion, a PE ratio of 14.20 and a beta of 1.23. The business has a 50 day moving average of $114.10 and a 200 day moving average of $138.33.

Insider Activity at Cirrus Logic

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $107.75, for a total value of $125,636.50. Following the completion of the sale, the executive vice president directly owned 11,741 shares in the company, valued at $1,265,092.75. This trade represents a 9.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 3,498 shares of company stock valued at $401,850. Company insiders own 1.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CRUS shares. Susquehanna decreased their price objective on Cirrus Logic from $200.00 to $170.00 and set a “positive” rating for the company in a research note on Wednesday, October 21st. Zacks Research lowered Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Wall Street Zen cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Sunday, October 18th. Weiss Ratings cut shares of Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Finally, KeyCorp downgraded shares of Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 15th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $147.86.

About Cirrus Logic

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.