Connor Clark & Lunn Investment Management Ltd. Reduces Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Connor Clark & Lunn Investment Management Ltd. decreased its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 72.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. grew its stake in shares of Cirrus Logic by 8,183.4% in the second quarter. Pacer Advisors Inc. now owns 665,320 shares of the semiconductor company’s stock worth $84,935,000 after purchasing an additional 657,288 shares during the last quarter. LSV Asset Management increased its stake in shares of Cirrus Logic by 34.6% during the second quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock valued at $241,340,000 after buying an additional 486,086 shares during the period. DNB Asset Management AS bought a new position in shares of Cirrus Logic during the second quarter valued at approximately $23,250,000. AQR Capital Management LLC lifted its stake in Cirrus Logic by 32.6% in the second quarter. AQR Capital Management LLC now owns 462,827 shares of the semiconductor company’s stock worth $59,084,000 after acquiring an additional 113,694 shares during the period. Finally, Acadian Asset Management LLC boosted its holdings in Cirrus Logic by 20.1% in the second quarter. Acadian Asset Management LLC now owns 553,062 shares of the semiconductor company’s stock valued at $70,583,000 after acquiring an additional 92,381 shares in the last quarter. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Stock Down 1.3 %

Shares of CRUS opened at $107.41 on Wednesday. Cirrus Logic, Inc. has a 52 week low of $74.83 and a 52 week high of $147.46. The stock has a market cap of $5.71 billion, a P/E ratio of 18.19 and a beta of 0.96. The business’s 50 day moving average price is $115.34 and its 200-day moving average price is $123.55.

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

Analyst Ratings Changes

Several research analysts have commented on the stock. Stifel Nicolaus decreased their price objective on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Barclays decreased their price target on shares of 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. Loop Capital assumed coverage on Cirrus Logic in a research report on Tuesday, November 12th. They set a “buy” rating and a $130.00 price objective on the stock. StockNews.com lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Finally, Susquehanna lifted their price target on Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a research report on Monday, November 18th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $132.50.

Cirrus Logic Company 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.