Cirrus Logic Inc. (NASDAQ:CRUS) shares hit a new 52-week high during trading on Friday . The stock traded as high as $41.04 and last traded at $38.55, with a volume of 1,186,687 shares traded. The stock had previously closed at $36.96.

Several brokerages have commented on CRUS. Stifel Nicolaus reaffirmed a “buy” rating and set a $46.00 target price (up from $44.00) on shares of Cirrus Logic in a report on Wednesday, June 1st. Pacific Crest reaffirmed an “overweight” rating on shares of Cirrus Logic in a report on Monday, May 16th. Needham & Company LLC reaffirmed a “buy” rating on shares of Cirrus Logic in a report on Wednesday, April 27th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating on shares of Cirrus Logic in a report on Wednesday, April 27th. Finally, Barclays PLC downgraded Cirrus Logic from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $37.00 to $35.00 in a report on Thursday, May 5th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Cirrus Logic presently has a consensus rating of “Buy” and an average price target of $43.08.

The company has a 50 day moving average price of $37.07 and a 200 day moving average price of $34.12. The company has a market capitalization of $2.38 billion and a PE ratio of 20.43.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Tuesday, April 26th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.17. During the same period last year, the business posted $0.66 earnings per share. The company had revenue of $232 million for the quarter, compared to the consensus estimate of $226.65 million. The firm’s quarterly revenue was down 9.1% compared to the same quarter last year. On average, equities research analysts predict that Cirrus Logic Inc. will post $2.85 earnings per share for the current fiscal year.

In other news, Director Timothy R. Dehne sold 6,462 shares of the firm’s stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $35.30, for a total transaction of $228,108.60. Following the transaction, the director now directly owns 23,962 shares of the company’s stock, valued at $845,858.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jason P. Rhode sold 50,000 shares of the firm’s stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $34.41, for a total value of $1,720,500.00. Following the transaction, the chief executive officer now directly owns 179,680 shares in the company, valued at $6,182,788.80. The disclosure for this sale can be found here.

Several hedge funds and institutional investors recently made changes to their positions in CRUS. Holderness Investments Co. boosted its position in shares of Cirrus Logic by 0.4% in the fourth quarter. Holderness Investments Co. now owns 63,026 shares of the company’s stock worth $1,861,000 after buying an additional 230 shares during the period. Comerica Bank boosted its position in shares of Cirrus Logic by 0.9% in the fourth quarter. Comerica Bank now owns 64,800 shares of the company’s stock worth $1,801,000 after buying an additional 555 shares during the period. Nationwide Fund Advisors boosted its position in shares of Cirrus Logic by 0.9% in the fourth quarter. Nationwide Fund Advisors now owns 68,869 shares of the company’s stock worth $2,034,000 after buying an additional 598 shares during the period. California State Teachers Retirement System boosted its position in shares of Cirrus Logic by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 117,528 shares of the company’s stock worth $3,471,000 after buying an additional 1,916 shares during the period. Finally, Mutual of America Capital Management LLC boosted its position in shares of Cirrus Logic by 9.6% in the fourth quarter. Mutual of America Capital Management LLC now owns 43,049 shares of the company’s stock worth $1,271,000 after buying an additional 3,783 shares during the period.

Cirrus Logic, Inc (Cirrus Logic) develops high-precision, analog and mixed-signal integrated circuits (ICs) for a range of audio and energy markets. Cirrus Logic delivers products for consumer and professional audio, automotive entertainment, and targeted industrial applications including energy control, energy measurement, light emitting diode (LED) lighting and energy exploration.

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