Cirrus Logic Inc (NASDAQ:CRUS) reported better-than-expected third-quarter financial results and issued fourth-quarter sales guidance above estimates on Tuesday.



Cirrus Logic reported quarterly earnings of $2.97 per share which beat the analyst consensus estimate of $2.44 per share. The company reported quarterly sales of $580.620 million which beat the analyst consensus estimate of $533.890 million.



Cirrus Logic said it sees fourth-quarter sales of $410.000 million to $470.000 million, versus market estimates of $384.290 million.



“Cirrus Logic delivered revenue above the high end of our guidance range for the December quarter driven by stronger-than-anticipated demand for components shipping into smartphones and a favorable mix of end devices,” said John Forsyth, Cirrus Logic president and chief executive officer.



Cirrus Logic shares gained 4.2% to $129.86 in pre-market trading.



These analysts made changes to their price targets on Cirrus Logic following earnings announcement.



<ul>
<li>Benchmark analyst David Williams maintained Cirrus Logic with a Buy and raised the price target from $150 to $160.</li>



<li>Stifel analyst Tore Svanberg maintained the stock with a Buy and boosted the price target from $150 to $163.</li>
</ul>



Considering buying CRUS stock? Here’s what analysts think: 



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Cirrus Logic Inc (NASDAQ:CRUS) reported strong Q3 earnings, with earnings of $2.97 per share and sales of $580.620 million, both exceeding analyst expectations. The company also provided optimistic Q4 sales guidance of $410.000 million to $470.000 million. Following the earnings report, Cirrus Logic shares rose 4.2% to $129.86. Analysts from Benchmark and Stifel raised their price targets for the stock, maintaining a Buy rating and increasing targets to $160 and $163, respectively.

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These Analysts Increase Their Forecasts On Cirrus Logic Following Strong Q3 Earnings