Cirrus Logic, Inc. (NASDAQ:CRUS) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $52.77 and last traded at $51.97, with a volume of 241,543 shares changing hands. The stock had previously closed at $52.12.

A number of research firms recently weighed in on CRUS. Pacific Crest reissued an “overweight” rating on shares of Cirrus Logic in a research report on Monday, May 16th. Barclays PLC lifted their price objective on shares of Cirrus Logic from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. Stifel Nicolaus lifted their price objective on shares of Cirrus Logic from $46.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Cirrus Logic in a research report on Thursday, August 4th. Finally, Oppenheimer Holdings Inc. reaffirmed an “outperform” rating on shares of Cirrus Logic in a research report on Wednesday, April 27th. Two research 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 stock. The company currently has a consensus rating of “Buy” and an average target price of $47.18.

The stock has a market capitalization of $3.24 billion and a PE ratio of 32.18. The firm’s 50 day moving average is $45.09 and its 200-day moving average is $37.82.

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

In other Cirrus Logic news, VP Scott Thomas sold 50,000 shares of the company’s stock in a transaction on Tuesday, June 21st. The stock was sold at an average price of $40.00, for a total value of $2,000,000.00. Following the completion of the sale, the vice president now directly owns 61,005 shares in the company, valued at approximately $2,440,200. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Thurman K. Case sold 32,000 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 $1,280,000.00. Following the completion of the sale, 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.

A number of hedge funds recently modified their holdings of CRUS. Mutual of America Capital Management LLC boosted 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 valued at $1,271,000 after buying an additional 3,783 shares during the last quarter. Wells Fargo & Company MN boosted its position in 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 in the last quarter. Principal Financial Group Inc. boosted its position in 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 in the last quarter. Airain ltd boosted its position in 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 in the last quarter. Finally, Westfield Capital Management Co. LP boosted its position in Cirrus Logic by 74.0% in the fourth quarter. Westfield Capital Management Co. LP now owns 950,130 shares of the company’s stock worth $28,057,000 after buying an additional 404,178 shares in the last quarter.

Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.

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