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Cirrus Logic: The Winning Streak Continues (CRUS)

By James Quinn

Cirrus Logic (NASDAQ:CRUS) traded at a new 52-week high today of $38.50. This new high was reached on below average trading volume as 134,000 shares traded hands, while the average 30-day volume is approximately 1.1 million shares.

Potential upside of 22.3% exists for Cirrus Logic, based on a current level of $38.26 and analysts' average consensus price target of $46.80. The stock should find initial support at its 50-day moving average (MA) of $35.52 and further support at its 200-day MA of $31.83.

Cirrus Logic, Inc. designs and manufactures integrated circuits that employ precision linear and advanced mixed-signal processing technologies. The Company's products enable system-level applications in mass storage, audio, and precision data conversion. Cirrus serves a broad customer base in the mass storage, industrial, and audio markets.

In the past 52 weeks, Cirrus Logic share prices have been bracketed by a low of $24.56 and a high of $38.50 and are now at $38.26, 56% above that low price. The 200-day and 50-day moving averages have moved 0.17% higher and 0.29% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Cirrus Logic on May 24th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $35.32. Since that recommendation, shares of Cirrus Logic have risen 6.1%. We continue to monitor CRUS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows cirrus logic

Ticker(s): CRUS