Cirrus Logic Inc. (NASDAQ:CRUS) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $41.21 and last traded at $40.18, with a volume of 456,367 shares trading hands. The stock had previously closed at $40.16.

Several equities research analysts have recently issued reports on CRUS shares. Pacific Crest reaffirmed a “buy” rating and set a $40.00 target price on shares of Cirrus Logic in a research report on Thursday, April 14th. Needham & Company LLC reaffirmed a “buy” rating on shares of Cirrus Logic in a research report on Wednesday, April 27th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating on shares of Cirrus Logic in a research report on Wednesday, April 27th. Barclays PLC lowered Cirrus Logic from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $37.00 to $35.00 in a research report on Thursday, May 5th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $46.00 price target (up previously from $44.00) on shares of Cirrus Logic in a research note on Wednesday, June 1st. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $43.08.

The firm has a market capitalization of $2.52 billion and a PE ratio of 21.63. The stock’s 50 day moving average price is $37.92 and its 200 day moving average price is $34.57.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Tuesday, April 26th. The company reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.17. The business earned $232 million during the quarter, compared to analysts’ expectations of $226.65 million. The firm’s revenue for the quarter was down 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.66 EPS. Analysts forecast that Cirrus Logic Inc. will post $2.85 earnings per share for the current year.

In related news, Director Timothy R. Dehne sold 6,462 shares of the company’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $35.30, for a total transaction of $228,108.60. Following the completion of the sale, the director now owns 23,962 shares in the company, valued at $845,858.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Scott Thomas sold 50,000 shares of the company’s stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $40.00, for a total value of $2,000,000.00. Following the sale, the vice president now owns 61,005 shares of the company’s stock, valued at approximately $2,440,200. The disclosure for this sale can be found here.

Other hedge funds have recently bought and sold shares of the company. Mutual of America Capital Management LLC boosted its stake in 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. Holderness Investments Co. boosted its stake in 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 stake in 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 stake in 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. Finally, Rhumbline Advisers boosted its stake in Cirrus Logic by 8.7% in the fourth quarter. Rhumbline Advisers now owns 80,665 shares of the company’s stock worth $2,382,000 after buying an additional 6,455 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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