CRUS - Why Cirrus Logic Was Rocketing Higher This Week
2024-05-10 07:15:26 ET
Buoyed by a strong quarterly earnings report and resulting analyst price target lifts, audio processor specialist Cirrus Logic (NASDAQ: CRUS) was an outperformer of a stock in recent days. As of early Friday morning the company's share price had increased more than 17% week to date, according to data compiled by S&P Global Market Intelligence .
Cirrus posted its results for its fiscal fourth quarter of 2024 , ended March 30, on Tuesday, and the investor reaction was strong and immediate. That's little wonder, as the company crushed analyst estimates on both the top and bottom lines. Non-GAAP (adjusted) net income was a particularly notable line item, as it soared 31% higher year over year to land at over $69 million.
As frequently occurs when one of the stock market's companies crushes it in a quarter, analysts wasted no time getting officially more bullish on Cirrus.
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Why Cirrus Logic Was Rocketing Higher This Week