Cirrus Logic (NASDAQ:CRUS) announced its earnings results on Wednesday. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.21, Morningstar.com reports. Cirrus Logic had a return on equity of 10.91% and a net margin of 8.46%. The business had revenue of $238.25 million for the quarter, compared to analyst estimates of $221.08 million. During the same period in the previous year, the company earned $0.28 earnings per share. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. Cirrus Logic updated its Q2 2020 guidance to EPS.
NASDAQ:CRUS traded down $1.93 during mid-day trading on Friday, reaching $55.15. The stock had a trading volume of 1,585,989 shares, compared to its average volume of 549,302. The stock has a market cap of $2.86 billion, a P/E ratio of 26.90, a price-to-earnings-growth ratio of 2.22 and a beta of 0.94. Cirrus Logic has a 1-year low of $31.25 and a 1-year high of $60.00. The business has a 50 day simple moving average of $44.59.
A number of brokerages have recently issued reports on CRUS. Cowen reaffirmed a “market perform” rating and set a $56.00 target price (up from $48.00) on shares of Cirrus Logic in a research report on Thursday. Bank of America reaffirmed an “underperform” rating and set a $46.00 target price (up from $40.00) on shares of Cirrus Logic in a research report on Thursday. MKM Partners lifted their target price on Cirrus Logic to $55.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Craig Hallum reaffirmed a “hold” rating and set a $42.00 target price (up from $38.00) on shares of Cirrus Logic in a research report on Thursday. Finally, Stifel Nicolaus lifted their target price on Cirrus Logic from $53.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. Cirrus Logic presently has an average rating of “Buy” and an average target price of $50.13.
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.
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