Cirrus Logic, Inc. (NASDAQ:CRUS) posted better-than-expected results for its fourth quarter on Tuesday.

Cirrus Logic posted adjusted earnings of $1.24 per share, beating market estimates of 64 cents per share. The company's quarterly sales came in at $371.800 million versus expectations of $316.522 million, according to data from Benzinga Pro.

"Cirrus Logic made excellent progress in FY24. During the year, we introduced a third-generation camera controller, ramped new products in support of our growing momentum in the laptop market, and completed development of our next-generation custom boosted amplifier and first 22-nanometer smart codec, while also making significant investments in future products and intellectual property," said John Forsyth, Cirrus Logic president and chief executive officer. "Additionally, the company's disciplined execution helped deliver a year-over-year increase in non-GAAP earnings per share. We appreciate the support and trust of our customers, employees, and shareholders and continue to be excited about the opportunities we see for growth and product diversification in the future."

Cirrus Logic said it sees first-quarter revenue of $290 million to $350 million, versus estimates of $302.68 million.

Cirrus Logic shares gained 9.3% to trade at $99.76 on Wednesday.

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

• Susquehanna boosted the price target on Cirrus Logic from $100 to $120. Susquehanna analyst Christopher Rolland maintained a Positive rating.
• Stifel raised the price target on Cirrus Logic from $100 to $110. Stifel analyst Tore Svanberg maintained a Buy rating.

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