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

Connor Clark & Lunn Investment Management Ltd. cut its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 72.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Huntington National Bank increased its stake 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 purchasing an additional 210 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Cirrus Logic by 98.4% in the third quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company's stock worth $30,000 after acquiring an additional 120 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Cirrus Logic during the third quarter valued at approximately $31,000. Versant Capital Management Inc lifted its position in shares of Cirrus Logic by 1,911.1% in the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company's stock valued at $46,000 after acquiring an additional 344 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Cirrus Logic by 79.5% in the 2nd 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 period. 87.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CRUS. Susquehanna raised their target price on Cirrus Logic from $135.00 to $140.00 and gave the stock a "positive" rating in a research report on Monday, November 18th. StockNews.com cut Cirrus Logic from a "buy" rating to a "hold" rating in a research note on Wednesday, November 6th. Loop Capital initiated coverage on shares of Cirrus Logic in a research report on Tuesday, November 12th. They issued a "buy" rating and a $130.00 price target for the company. Barclays dropped their price objective on shares of Cirrus Logic from $120.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Tuesday, November 5th. Finally, KeyCorp lifted their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Cirrus Logic currently has a consensus rating of "Moderate Buy" and an average price target of $132.50.

Cirrus Logic Stock Down 1.8 %

Shares of CRUS traded down $1.89 during mid-day trading on Wednesday, hitting $105.52. 357,816 shares of the company's stock were exchanged, compared to its average volume of 518,483. Cirrus Logic, Inc. has a twelve month low of $74.83 and a twelve month high of $147.46. The firm has a fifty day moving average of $115.01 and a two-hundred day moving average of $123.56. The stock has a market cap of $5.61 billion, a price-to-earnings ratio of 17.92 and a beta of 0.96.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share for the quarter, topping analysts' consensus estimates of $2.02 by $0.23. The company had revenue of $541.90 million during 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.43 earnings per share. On average, equities analysts predict that Cirrus Logic, Inc. will post 5.21 earnings per share for the current year.

About Cirrus Logic

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.