Cirrus Logic Inc. (NASDAQ:CRUS) shot up 2.6% during trading on Thursday . The stock traded as high as $40.44 and last traded at $40.38, with a volume of 506,696 shares trading hands. The stock had previously closed at $39.34.

Several research firms have recently commented on CRUS. Stifel Nicolaus reissued a “buy” rating and issued a $46.00 target price (up from $44.00) on shares of Cirrus Logic in a research note on Wednesday, June 1st. Canaccord Genuity reissued a “buy” rating and issued a $52.00 target price on shares of Cirrus Logic in a research note on Tuesday. Pacific Crest reissued an “overweight” rating on shares of Cirrus Logic in a research note on Monday, May 16th. Needham & Company LLC reissued a “buy” rating on shares of Cirrus Logic in a research note on Wednesday, April 27th. Finally, Oppenheimer Holdings Inc. reissued an “outperform” rating on shares of Cirrus Logic in a research note on Wednesday, April 27th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $43.08.

The firm has a market cap of $2.50 billion and a PE ratio of 21.48. The firm has a 50-day moving average of $37.71 and a 200-day moving average of $34.39.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, April 26th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.17. The business had revenue of $232 million for the quarter, compared to the consensus estimate of $226.65 million. During the same quarter in the previous year, the company earned $0.66 earnings per share. The firm’s revenue for the quarter was down 9.1% on a year-over-year basis. Equities research analysts predict that Cirrus Logic Inc. will post $2.85 EPS for the current year.

In other news, CEO Jason P. Rhode sold 50,000 shares of the stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $34.41, for a total value of $1,720,500.00. Following the completion of the transaction, the chief executive officer now directly owns 179,680 shares in the company, valued at approximately $6,182,788.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thurman K. Case sold 32,000 shares of the stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $40.00, for a total value of $1,280,000.00. Following the completion of the transaction, the chief financial officer now owns 31,008 shares of the company’s stock, valued at $1,240,320. The disclosure for this sale can be found here.

Several hedge funds and institutional investors have recently made changes to their positions in the stock. Systematic Financial Management LP boosted its position in shares of Cirrus Logic by 71.9% in the fourth quarter. Systematic Financial Management LP now owns 2,392,267 shares of the company’s stock worth $70,643,000 after buying an additional 1,000,294 shares during the last quarter. Eaton Vance Management purchased a new position in shares of Cirrus Logic during the fourth quarter worth approximately $12,991,000. Burney Co. boosted its position in shares of Cirrus Logic by 53.8% in the fourth quarter. Burney Co. now owns 232,743 shares of the company’s stock worth $7,327,000 after buying an additional 81,391 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Cirrus Logic by 4.7% in the fourth quarter. Principal Financial Group Inc. now owns 433,341 shares of the company’s stock worth $12,796,000 after buying an additional 19,628 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Cirrus Logic by 136.3% in the fourth quarter. Wells Fargo & Company MN now owns 726,658 shares of the company’s stock worth $21,459,000 after buying an additional 419,159 shares during the last quarter.

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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