Cirrus Logic, Inc. (NASDAQ:CRUS) shares surged by 4.70%

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Dallas, Texas 07/30/2013 (Financialstrend) – Cirrus Logic, Inc (NASDAQ: CRUS) recently released its  ultra-low power 4-Channel Microphone CS53L30 analog-to-digital (A/D) converter as it was focusing on voice processing features in tablets, consumer electronics applications and smartphones. This CS53L30 works with consumption of less than 2.5 mW ultra-low powers per channel, high performance of CS53L30 include features such as multi-channel beam forming, acoustic echo cancellation and noise suppression. The company released its second quarter earnings on last Thursday where earnings per share were $0.56, revenue was reported a growth of 56.6% to $155.00 million.

Carl Alberty marketing head of Cirrus Logic commented “CS53L30 with its high performance will provide a new generation of mobile which will differentiate offer improved voice control with the user interface and the voice experience”. The results beats expectations and estimations, Thomson Reuters estimated earnings per share (EPS) of $0.49 and revenue of $160.12 Million. The Company has EPS as $0.22 in the same period last year. In a research note Analysts at Canaccord Genuity gave “hold” rating for the shares of Cirrus Logic, Inc (NASDAQ: CRUS), Feltl & Co’s analysts has higher their price target from $18.00 to $20.00 of the company and rated hold for the shares, five analysts have given the stock with a buy rating and five rated hold rating for the company’s shares.

The share of Cirrus Logic, Inc. (NASDAQ:CRUS) are currently trading at $19.39, up by 4.70%. The company has recorded the intraday trading low price of $18.53 and high price of $19.76. For the last 52 weeks of trading, the low price of the stock is at $16.46 and high price of the stock is at $45.49 per share. Currently there are 63.45 million shares of the company in the market and 80% institutional ownership. The company trading at 1.83 million shares and the trading volume on an average was 1.91 million shares per day. The total market cap value of the company is 1.24 billion.

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