Cirrus Logic Inc. (NASDAQ:CRUS) shares saw an uptick in trading volume on Friday . 1,396,792 shares were traded during trading, an increase of 41% from the previous session’s volume of 994,087 shares.The stock last traded at $54.08 and had previously closed at $55.17.

Several research firms recently commented on CRUS. Barclays PLC boosted their price target on Cirrus Logic from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. Pacific Crest restated a “hold” rating on shares of Cirrus Logic in a report on Tuesday, August 16th. Stifel Nicolaus lifted their price objective on Cirrus Logic from $46.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Needham & Company LLC restated a “buy” rating and set a $55.00 price objective on shares of Cirrus Logic in a report on Thursday, August 4th. Finally, Canaccord Genuity assumed coverage on Cirrus Logic in a report on Tuesday, June 21st. They set a “buy” rating and a $52.00 price objective on the stock. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Cirrus Logic has an average rating of “Buy” and an average price target of $47.45.

The company has a 50-day moving average price of $50.21 and a 200 day moving average price of $39.77. The company has a market capitalization of $3.43 billion, a PE ratio of 34.03 and a beta of 0.44.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.16. The company earned $259.40 million during the quarter, compared to the consensus estimate of $236.67 million. Cirrus Logic had a return on equity of 14.44% and a net margin of 9.26%. The firm’s revenue was down 8.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.54 EPS. Analysts anticipate that Cirrus Logic Inc. will post $3.24 earnings per share for the current year.

In related news, Director Alan R. Schuele sold 6,482 shares of the stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $40.00, for a total transaction of $259,280.00. Following the completion of the sale, the director now owns 28,938 shares in the company, valued at approximately $1,157,520. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William D. Sherman sold 1,200 shares of the stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $50.85, for a total value of $61,020.00. Following the sale, the director now owns 12,257 shares of the company’s stock, valued at approximately $623,268.45. The disclosure for this sale can be found here. Insiders own 3.10% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Macquarie Group Ltd. increased its stake in shares of Cirrus Logic by 1.4% in the second quarter. Macquarie Group Ltd. now owns 1,072,071 shares of the company’s stock valued at $41,586,000 after buying an additional 14,601 shares during the last quarter. Mason Street Advisors LLC acquired a new stake in shares of Cirrus Logic during the second quarter valued at $472,000. Public Employees Retirement System of Ohio increased its stake in shares of Cirrus Logic by 6.8% in the second quarter. Public Employees Retirement System of Ohio now owns 3,090 shares of the company’s stock valued at $120,000 after buying an additional 196 shares during the last quarter. Sterling Capital Management LLC increased its stake in shares of Cirrus Logic by 63.0% in the second quarter. Sterling Capital Management LLC now owns 38,241 shares of the company’s stock valued at $1,483,000 after buying an additional 14,783 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Cirrus Logic by 3.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 276,839 shares of the company’s stock valued at $10,739,000 after buying an additional 8,082 shares during the last quarter. Hedge funds and other institutional investors own 89.23% of the company’s stock.

Cirrus Logic Company Profile

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.

5 Day Chart for NASDAQ:CRUS

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