Cirrus Logic (CRUS) Releases Earnings Results, Beats Expectations By $0.15 EPS

Cirrus Logic (CRUS) reported quarterly earnings results on Wednesday, Jul-27-2016. The company said it had a profit of $0.44 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.15. Analysts had a consensus of $0.29. The company posted revenue of $259.40 million in the period, compared to analysts expectations of $236.67 million. The company’s revenue was down -8.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 EPS.

Many Wall Street Analysts have commented on Cirrus Logic. Cirrus Logic was Downgraded by Pacific Crest to ” Sector Weight” on Jul 5, 2016. Shares were Downgraded by Barclays on May 5, 2016 to ” Equal Weight” and Lowered the Price Target to $ 35 from a previous price target of $37 .

Cirrus Logic opened for trading at $46.33 and hit $50 on the upside on Thursday, eventually ending the session at $49.82, with a gain of 19.27% or 8.05 points. The heightened volatility saw the trading volume jump to 71,40,250 shares. Company has a market cap of $3,100 M.

In a different news, on Jul 6, 2016, William D Sherman (director) sold 266 shares at $36.45 per share price. According to the SEC, on Jun 23, 2016, Thurman K Case (VP and CFO) sold 32,000 shares at $40.00 per share price. On Jun 23, 2016, Alan R Schuele (director) sold 6,482 shares at $40.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Cirrus Logic Inc. (Cirrus Logic) develops high-precision analog and mixed-signal integrated circuits (ICs) for a range of audio and energy markets. Cirrus Logic delivers products for consumer and professional audio automotive entertainment and targeted industrial applications including energy control energy measurement light emitting diode (LED) lighting and energy exploration. The Company also serves customers from sales offices in the United States Europe and Asia including the People’s Republic of China Hong Kong South Korea Japan Singapore Taiwan and the United Kingdom. The Audio Products segment offers analog and mixed-signal audio converter and audio DSP products. The Energy Products provides high-precision analog and mixed-signal ICs for targeted energy control energy measurement LED lighting and energy exploration applications.

Cirrus Logic

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