Cirrus Logic, Inc. (NASDAQ:CRUS) reported better-than-expected earnings for the second quarter on Tuesday.
The company posted quarterly earnings of $2.83 per share which beat the analyst consensus estimate of $2.37 per share. The company reported quarterly sales of $560.960 million which beat the analyst consensus estimate of $540.385 million.
Cirrus Logic said it sees third-quarter sales of $500.000 million to $560.000 million, versus estimates of $508.763 million.
“Cirrus Logic delivered record revenue for the September quarter driven by demand for components shipping into smartphones,” said John Forsyth, Cirrus Logic president and chief executive officer.
Cirrus Logic shares fell 1.2% to close at $129.63 on Tuesday.
These analysts made changes to their price targets on Cirrus Logic following earnings announcement.
- Keybanc analyst John Vinh maintained Cirrus Logic with an Overweight rating and raised the price target from $135 to $150.
- Stifel analyst Tore Svanberg maintained the stock with a Buy and raised the price target from $140 to $150.
Considering buying CRUS stock? Here’s what analysts think:

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