Connor Clark & Lunn Investment Management Ltd. Sells 28,797 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 72.3% in the third quarter, Holdings Channel reports. The firm owned 11,050 shares of the semiconductor company’s stock after selling 28,797 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Cirrus Logic were worth $1,373,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Huntington National Bank increased its holdings in Cirrus Logic by 10,500.0% in the 3rd quarter. Huntington National Bank now owns 212 shares of the semiconductor company’s stock worth $26,000 after buying an additional 210 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Cirrus Logic by 98.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 120 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Cirrus Logic during the third quarter valued at approximately $31,000. Versant Capital Management Inc lifted its position in Cirrus Logic by 1,911.1% during the second quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 344 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Cirrus Logic by 79.5% in the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock worth $61,000 after purchasing an additional 210 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $107.41 on Wednesday. Cirrus Logic, Inc. has a one year low of $74.83 and a one year high of $147.46. The company’s fifty day moving average price is $115.34 and its 200-day moving average price is $123.55. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 18.19 and a beta of 0.96.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Monday, November 4th. The semiconductor company reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.23. The business had revenue of $541.90 million for the quarter, compared to analysts’ expectations of $520.53 million. Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. The business’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period last year, the firm earned $1.43 earnings per share. Equities research analysts expect that Cirrus Logic, Inc. will post 5.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Loop Capital began coverage on Cirrus Logic in a research note on Tuesday, November 12th. They issued a “buy” rating and a $130.00 price target on the stock. StockNews.com downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Stifel Nicolaus cut their target price on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Susquehanna increased their price target on shares of Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a research report on Monday, November 18th. Finally, Barclays reduced their price objective on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cirrus Logic has an average rating of “Moderate Buy” and a consensus price target of $132.50.

Cirrus Logic Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.