Cirrus Logic (NASDAQ:CRUS) Announces Quarterly Earnings Results

Cirrus Logic (NASDAQ:CRUS) posted its earnings results on Wednesday. The semiconductor company reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.81 by $0.03, FiscalAI reports. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm had revenue of $459.72 million during the quarter, compared to analysts’ expectations of $460.32 million. During the same quarter in the prior year, the business earned $1.51 earnings per share. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year.

Here are the key takeaways from Cirrus Logic’s conference call:

• Record quarterly performance: Cirrus Logic reported record fiscal Q1 revenue of $460 million, up 13% year over year, with non-GAAP EPS of $1.84. Fiscal Q2 revenue is expected to rise to $510 million–$570 million.
• The company cited strong demand for smartphone audio products and an unusually robust multi-year pipeline of high-performance mixed-signal opportunities spanning camera, battery, power, and sensing applications.
• Fiscal-year PC expectations were reduced because of platform supply constraints, memory and component shortages, pricing pressure, and delayed OEM model launches. Management characterized the impact as timing-related rather than a fundamental deterioration in demand.
• Cirrus is broadening beyond smartphones through AI-enabled PC voice solutions, RTX Spark-based PCs, and new smart-meter analog front ends, with potential expansion into energy storage, EV charging, data-center metrology, and grid monitoring.
• Q2 gross margin is expected to receive a temporary benefit from favorable wafer pricing, after which margins should normalize; the company also plans higher fiscal 2027 R&D spending and has no near-term plans to initiate a dividend.

Cirrus Logic Price Performance

Shares of Cirrus Logic stock traded down $4.17 during trading on Wednesday, hitting $129.42. The company’s stock had a trading volume of 995,405 shares, compared to its average volume of 674,844. Cirrus Logic has a 52 week low of $92.02 and a 52 week high of $180.42. The stock has a market cap of $6.53 billion, a price-to-earnings ratio of 16.51 and a beta of 1.18. The stock has a 50-day moving average price of $150.60 and a two-hundred day moving average price of $149.16.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of the company’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the sale, the executive vice president owned 7,203 shares in the company, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Forsyth sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.41, for a total transaction of $852,050.00. Following the transaction, the chief executive officer owned 70,016 shares of the company’s stock, valued at approximately $11,931,426.56. The trade was a 6.67% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 23,465 shares of company stock worth $3,743,219 over the last 90 days. Company insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

A number of hedge funds have recently bought and sold shares of the company. Invesco Ltd. boosted its position in Cirrus Logic by 133.6% during the fourth quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock valued at $76,136,000 after acquiring an additional 367,488 shares during the last quarter. Corient Private Wealth LLC lifted its stake in Cirrus Logic by 1,408.6% in the fourth quarter. Corient Private Wealth LLC now owns 193,777 shares of the semiconductor company’s stock valued at $22,963,000 after buying an additional 180,932 shares during the period. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Cirrus Logic by 25.1% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 22,120 shares of the semiconductor company’s stock worth $2,621,000 after buying an additional 4,444 shares in the last quarter. EP Wealth Advisors LLC bought a new position in shares of Cirrus Logic during the 4th quarter worth approximately $743,000. Finally, Fuller & Thaler Asset Management Inc. grew its position in shares of Cirrus Logic by 0.7% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company’s stock worth $187,059,000 after buying an additional 11,307 shares during the period. Institutional investors own 87.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRUS. KeyCorp lowered their price objective on shares of Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating for the company in a research report on Tuesday, July 14th. Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic in a research report on Thursday, May 7th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Finally, Barclays increased their price target on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $160.29.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.