In addition to being a provider of software, Cirrus Logic, Inc. also engages in the manufacturing of computers. The equity research analysts at KeyCorp provided their projections for Cirrus Logic’s earnings per share in a report published on January 11 and made available to clients and investors (EPS). According to the projection offered by analyst J. Vinh, the profits that KeyCorp will generate per share during the fourth quarter will amount to $0.45. KeyCorp currently carries a rating of Overweight, and a price target of $110.00 has been established for the stock. The current consensus estimate for Cirrus Logic’s earnings for the entire year is $4.92 per share, based on the company’s historical performance. In addition, according to KeyCorp’s projections, Cirrus Logic will bring in earnings per share of $1.64, $2.50, and $1.33 in the second, third, and fourth quarters of 2024, respectively.
The most recent quarterly earnings report for Cirrus Logic, traded on the NASDAQ under the symbol CRUS, was released on November 1 of this year. The manufacturer of semiconductors reported earnings for the quarter of $1.69 per share, which was significantly higher than the analysts’ average estimate of $1.24 per share, which was provided for comparison purposes. The revenue for the quarter came in significantly higher than the $470.66 million analysts had anticipated, coming in at $540.57 million instead. In their financial statements, Cirrus Logic indicated that their return on equity was 23.97%, and their profit margin was 17.79%.
The price of NASDAQ: CRUS was $84.27 when trading began on Friday. The company has a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 4.64, and a beta value of 0.96. These ratios measure how much a company’s current price corresponds to its future earnings. Cirrus Logic’s stock has traded as low as $61.94 per share over the past 52 weeks and as high as $95.44 over that same period; the company has a market capitalization of $4.64 billion. Over the past 50 and 200 days, the stock price has had a moving average of 75.35 and 77.35, respectively.
Several other industry professionals have also contributed their expertise in the form of research studies that were written about the company. Barclays no longer gave Cirrus Logic an “overweight” rating, and the investment bank also reduced its price target for the company from $90.00 to $85.00. A research note distributed on November 17 informed the general public about these alterations. On January 5, StockNews.com upgraded their recommendation for Cirrus Logic from “hold” to “buy.” Before this change, the recommendation was listed as “hold.” Benchmark stated its intention to reduce its price objective for Cirrus Logic from $95.00 to $86,000 in a research note published on November 2. In a research note published on November 2, Needham & Company LLC upgraded Cirrus Logic from a “hold” rating to a “buy” rating and raised their price target from $73.00 to $85.00. In addition, they raised the price range they are willing to pay for the stock. There have been five buy ratings placed on the stock by equity research analysts, whereas there has only been one sell rating on the company’s shares. The stock is currently rated as having a consensus “Moderate Buy” recommendation, and its price objective has a consensus value of $97.33, as indicated by information from Bloomberg.com.
In the most recent period, it has been observed that the holdings of CRUS by institutional investors have experienced both growth and loss in both directions. In the first three months of the year, Wellington Management Group LLP was able to amass an additional 183.8% of the total number of Cirrus Logic common stock it owned. Following the acquisition of an additional 1,277,213 shares during the preceding quarter, Wellington Management Group LLP now owns a total of 1,972,087 shares of the stock held by the semiconductor company. The value of these shares as of this writing is $167,214,000. Balyasny Asset Management LLC invested $46,728,000 during the third quarter to acquire a new investment in Cirrus Logic. During the third quarter, Point72 Asset Management L.P. made a 435.5 percent increase in the amount of Cirrus Logic stock it owned, bringing its total percentage to 100. Point72 Asset Management L.P. now has a total of 549,400 shares of the semiconductor company’s stock, which have a value of $37,799,000, after purchasing an additional 446,800 shares during the most recent quarter. This brings the total number of shares owned by the firm to 549,400. In the third quarter, Ophir Asset Management Pty Ltd. made a financial commitment to Cirrus Logic for $20,645,000 through an investment.
Last but not least, during the first quarter, Mackenzie Financial Corporation completed a 9.5% increase in the amount of Cirrus Logic stock it owned, bringing its total ownership percentage to 95%. Mackenzie Financial Corp. now holds a total of 2,563,577 shares of the semiconductor company’s stock following the acquisition of an additional 223,272 shares during the most recent quarter. These shares are currently worth a total of $217,366,000 as of right now. Most of the company’s stock is owned by large financial institutions, which account for 91.78 percent of the total.
Cirrus Logic, Inc. is a fabless semiconductor company that provides low-power, high-precision mixed-signal processing solutions to customers in the United States and worldwide. It provides portable products such as codec components, which integrate an analog-to-digital converter (ADC) and a digital-to-analog converter (DAC) into a single integrated circuit (I.C.); smart codecs, which combine a codec and a digital signal processor; boosted amplifiers; digital signal processors; and SoundClear technology, which is a collection of tools, software, and algorithms that enhance the user experience by providing features such as louder, higher-fidelity sounds.