Shares of Cirrus Logic Inc. (NASDAQ:CRUS) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $52.30 and last traded at $52.17, with a volume of 389,152 shares trading hands. The stock had previously closed at $51.18.

CRUS has been the subject of a number of recent analyst reports. Canaccord Genuity initiated coverage on shares of Cirrus Logic in a research note on Tuesday, June 21st. They set a “buy” rating and a $52.00 target price for the company. Zacks Investment Research raised shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 target price for the company in a research note on Monday, August 1st. Needham & Company LLC reissued a “buy” rating and set a $55.00 target price on shares of Cirrus Logic in a research note on Thursday, August 4th. Stifel Nicolaus boosted their target price on shares of Cirrus Logic from $46.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Finally, Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $45.00 price objective on shares of Cirrus Logic in a research note on Wednesday, July 27th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Cirrus Logic currently has a consensus rating of “Buy” and an average target price of $47.18.

The stock has a market capitalization of $3.22 billion and a price-to-earnings ratio of 31.96. The company has a 50-day moving average price of $43.53 and a 200 day moving average price of $37.31.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.16. During the same period in the previous year, the business posted $0.54 earnings per share. The business had revenue of $259.40 million for the quarter, compared to analyst estimates of $236.67 million. The firm’s revenue for the quarter was down 8.2% compared to the same quarter last year. Analysts predict that Cirrus Logic Inc. will post $3.24 EPS for the current fiscal year.

In related news, Director William D. Sherman sold 1,200 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $50.85, for a total transaction of $61,020.00. Following the completion of the sale, the director now directly owns 12,257 shares of the company’s stock, valued at approximately $623,268.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thurman K. Case sold 32,000 shares of the firm’s stock in a transaction dated Tuesday, June 21st. The stock was sold at an average price of $40.00, for a total value of $1,280,000.00. Following the sale, the chief financial officer now directly owns 31,008 shares of the company’s stock, valued at $1,240,320. The disclosure for this sale can be found here.

Other hedge funds have modified their holdings of the company. Mutual of America Capital Management LLC increased its stake 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 last quarter. Airain ltd increased its stake in shares of Cirrus Logic by 319.6% in the fourth quarter. Airain ltd now owns 119,473 shares of the company’s stock worth $3,528,000 after buying an additional 91,001 shares during the last quarter. Platinum Investment Management Ltd. acquired a new stake in shares of Cirrus Logic during the fourth quarter worth about $4,429,000. Principal Financial Group Inc. increased its stake 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 increased its stake 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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