Cirrus Logic, Inc. (Cirrus Logic) develops analog and mixed-signal integrated circuits (IC) for a broad range of consumer and industrial markets. Building on its diverse analog mixed-signal patent portfolio, Cirrus Logic delivers optimized 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. CRUS is currently trading around $21.80 in a 52 week range of $24.50 – 35.50. The company’s stock has been underperforming the NASDAQ this year with shares decreasing 6.44% year to date. Shares have traded up .88% in the last month.
Cirrus will announce earnings today after the market closes. Analyst consensus estimates for Cirrus’ current quarter call for $187.52 million in revenue and about $0.54 in earnings per share. Cirrus Logic generates a significant portion (approximately 80%) of its revenues from Apple. There is a good chance that the company will benefit from higher adoption of Apple’s products, especially from strong iPhone sales.
Looking at the company’s earnings history, CRUS has rallied 3 of the last 8 quarters. On average, the stock has moved about 8.8% in the last 8 quarters as a result of earnings releases. This earnings season, market makers are implying about a +- 8.5% move in the stock for the October 31 option chain. CRUS has been trading below the Ichimoku Cloud since the beginning of September.