Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) traded up 14.3% during mid-day trading on Thursday following a better than expected earnings announcement, Market Beat.com reports. The company traded as high as $32.87 and last traded at $31.96, with a volume of 6,517,810 shares changing hands. The stock had previously closed at $27.96.

The company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.01. The business had revenue of $347.90 million for the quarter, compared to analyst estimates of $385.95 million. Cirrus Logic’s quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter last year, the company posted $0.97 EPS.

Several research analysts recently issued reports on CRUS shares. Barclays cut their price target on shares of Cirrus Logic from $39.00 to $37.00 and set an “overweight” rating for the company in a report on Thursday. Oppenheimer raised shares of Cirrus Logic from a “market perform” rating to an “outperform” rating and set a $40.00 price target for the company in a report on Thursday. They noted that the move was a valuation call. Zacks Investment Research cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Thursday, November 12th. Dougherty & Co started coverage on shares of Cirrus Logic in a report on Monday, November 30th. They set a “buy” rating and a $52.00 price target for the company. Finally, Pacific Crest raised shares of Cirrus Logic from a “sector weight” rating to an “overweight” rating and set a $40.00 price target for the company in a report on Friday, January 8th. One research analyst has rated the stock with a sell rating and eleven have assigned a buy rating to the company’s stock. Cirrus Logic has a consensus rating of “Buy” and an average price target of $41.30.

In other news, VP Scott Thomas sold 4,667 shares of the firm’s stock in a transaction that occurred on Friday, December 4th. The shares were sold at an average price of $35.00, for a total transaction of $163,345.00. Following the completion of the transaction, the vice president now directly owns 38,371 shares of the company’s stock, valued at approximately $1,342,985. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William D. Sherman sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 20th. The stock was sold at an average price of $28.78, for a total transaction of $86,340.00. Following the transaction, the director now directly owns 11,787 shares of the company’s stock, valued at $339,229.86. The disclosure for this sale can be found here.

A number of hedge funds have recently made changes to their positions in the company. Juncture Wealth Strategies purchased a new stake in shares of Cirrus Logic during the fourth quarter worth about $336,000. Capital One National Association purchased a new stake in shares of Cirrus Logic during the fourth quarter worth about $447,000. Boston Advisors purchased a new stake in shares of Cirrus Logic during the fourth quarter worth about $515,000. Meeder Asset Management raised its stake in shares of Cirrus Logic by 101.8% in the fourth quarter. Meeder Asset Management now owns 22,102 shares of the company’s stock worth $652,000 after buying an additional 11,147 shares during the period. Finally, Capstone Asset Management Company raised its stake in shares of Cirrus Logic by 24.5% in the fourth quarter. Capstone Asset Management Company now owns 23,389 shares of the company’s stock worth $691,000 after buying an additional 4,610 shares during the period.

The stock has a market cap of $2.06 billion and a PE ratio of 18.906. The stock has a 50 day moving average price of $29.46 and a 200 day moving average price of $30.34.

Cirrus Logic, Inc. (NASDAQ:CRUS) 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. The Company also serves customers from sales offices in the United States, Europe and Asia, including the People’s Republic of China, Hong Kong, South Korea, Japan, Singapore, Taiwan and the United Kingdom. The Audio Products segment offers analog and mixed-signal audio converter and audio DSP products. The Energy Products provides high-precision analog and mixed-signal ICs for targeted energy control, energy measurement, LED lighting and energy exploration applications.

12 Month Chart for NASDAQ:CRUS

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