AUSTIN, Texas - Cirrus Logic (NASDAQ: NASDAQ:CRUS), a prominent player in mixed-signal processing solutions, has announced the nomination of William D. Mosley for election to its board of directors. The election is set to take place during the company's Annual Meeting on July 26, 2024.
Dr. Mosley, currently the CEO of Seagate Technology (NASDAQ:STX) Holdings plc (NASDAQ: STX), has been with Seagate since 1996, starting as a Senior Engineer. His career at Seagate includes roles such as President and COO, as well as Executive Vice President Global Sales and Marketing. With a Ph.D. in Physics, his expertise spans across various functions including global operations, technology, research and development, and sales and marketing.
John Forsyth, president and CEO of Cirrus Logic, expressed enthusiasm about the nomination, citing Mosley's comprehensive executive experience and anticipating valuable contributions to the Cirrus Logic team.
In a related announcement, Cirrus Logic revealed that board member Tim Dehne will not seek re-election and is set to retire at the upcoming Annual Meeting. Dehne, who has been on the board since 2009, has been recognized for his service on all board committees and his leadership as Chair of the Compensation and Human Resources Committee for 13 years. David Tupman, Cirrus Logic Board Chair, acknowledged Dehne's significant insights and contributions throughout his tenure.
Cirrus Logic is known for its low-power, high-precision mixed-signal processing solutions, which are integral to a variety of mobile and consumer applications. The company prides itself on its award-winning corporate culture and global recognition.
InvestingPro Insights
In light of the upcoming board elections at Cirrus Logic, investors may be keen to understand the company's current financial health and stock performance. According to recent data from InvestingPro, Cirrus Logic boasts a strong balance sheet, with cash reserves surpassing debt levels. This financial stability is a positive sign for shareholders and potential investors, as it suggests the company is well-positioned to invest in growth opportunities or weather economic downturns.
Notably, Cirrus Logic's stock has been performing robustly, with a significant price uptick over the last six months, culminating in a near 50% total return. The stock is also trading close to its 52-week high, indicating a sustained positive investor sentiment.
Two InvestingPro Tips highlight the company's promising outlook. Firstly, six analysts have recently revised their earnings estimates upwards for the upcoming period, reflecting confidence in Cirrus Logic's earning potential. Secondly, the company's stock is currently trading at a low P/E ratio relative to near-term earnings growth, suggesting that it may be undervalued compared to its growth prospects.
For investors seeking a more comprehensive analysis, there are additional tips available on InvestingPro. By using coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to a total of 14 InvestingPro Tips for Cirrus Logic. These tips could provide valuable insights for making informed investment decisions.
InvestingPro Data metrics further reveal that Cirrus Logic has a market capitalization of $6.15 billion and a price-to-earnings (P/E) ratio of 22.54, with an adjusted P/E ratio of 22.29 for the last twelve months as of Q4 2024. The company's revenue for the same period stands at $1.79 billion, despite a slight decline of 5.73% in revenue growth. Nevertheless, the gross profit margin remains strong at 51.21%, underscoring the company's ability to maintain profitability.
As Cirrus Logic prepares for its Annual Meeting and the election of new board members, these financial metrics and InvestingPro Tips may offer shareholders and potential investors a clearer picture of the company's performance and future potential.
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