Connor Clark & Lunn Investment Management Ltd. Takes $20.66 Million Position in Cirrus Logic, Inc. $CRUS

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 139,080 shares of the semiconductor company's stock, valued at approximately $20,658,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.28% of Cirrus Logic at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of CRUS. BlackRock Inc. purchased a new stake in shares of Cirrus Logic in the 2nd quarter worth about $840,638,000. Norges Bank purchased a new position in Cirrus Logic during the 4th quarter valued at about $69,674,000. Bank of New York Mellon Corp purchased a new position in Cirrus Logic during the 2nd quarter valued at about $55,562,000. Invesco Ltd. raised its position in Cirrus Logic by 133.6% during the fourth quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company's stock worth $76,136,000 after acquiring an additional 367,488 shares during the last quarter. Finally, Defiance ETFs LLC acquired a new position in Cirrus Logic during the fourth quarter worth about $38,050,000. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Price Performance

Shares of NASDAQ CRUS opened at $111.43 on Wednesday. The company has a market cap of $5.58 billion, a PE ratio of 13.64 and a beta of 1.18. Cirrus Logic, Inc. has a 12 month low of $109.88 and a 12 month high of $180.42. The company has a 50-day simple moving average of $137.07 and a 200-day simple moving average of $148.22.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The business had revenue of $459.72 million for the quarter, compared to the consensus estimate of $460.32 million. During the same quarter in the prior year, the firm posted $1.51 earnings per share. The company's quarterly revenue was up 12.9% compared to the same quarter last year. On average, analysts anticipate that Cirrus Logic, Inc. will post 7.47 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Jeffrey W. Baumgartner sold 1,166 shares of the firm's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $117.89, for a total transaction of $137,459.74. Following the sale, the executive vice president owned 14,073 shares in the company, valued at $1,659,065.97. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic stock in a transaction on Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the sale, the executive vice president directly owned 7,203 shares of the company's stock, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 16,631 shares of company stock valued at $2,536,629. Company insiders own 1.20% of the company's stock.

Analyst Ratings Changes

CRUS has been the topic of several research reports. Stifel Nicolaus lowered their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Wall Street Zen downgraded Cirrus Logic from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Zacks Research lowered Cirrus Logic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Jefferies Financial Group upgraded Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Finally, Barclays dropped their price target on Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating for the company in a research report on Thursday, August 6th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $150.71.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company's product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.

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