Silicon Laboratories (NASDAQ:SLAB) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Silicon Laboratories from “hold” to “buy.” The broader analyst consensus remains “Reduce,” with six Hold ratings, one Sell rating, and an average price target of $218.
• Silicon Labs reported quarterly EPS of $1.05, beating the $0.85 consensus, while revenue of $250.89 million topped expectations of $242 million and rose 21.8% year over year.
• Several institutional investors increased their holdings in the company during the third quarter, including Healthcare of Ontario Pension Plan Trust Fund, which raised its stake by 175.7%.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday, Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Silicon Laboratories in a research report on Monday, September 21st. Zacks Research raised shares of Silicon Laboratories from a "strong sell" rating to a "hold" rating in a report on Monday, October 12th. Six analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Reduce" and an average target price of $218.00.

Silicon Laboratories Stock Performance

Shares of SLAB opened at $221.43 on Friday. Silicon Laboratories has a fifty-two week low of $115.50 and a fifty-two week high of $223.50. The firm has a 50 day moving average price of $221.31 and a 200-day moving average price of $213.95. The firm has a market cap of $7.39 billion, a price-to-earnings ratio of -357.15 and a beta of 1.20.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last announced its quarterly earnings results on Tuesday, November 10th. The semiconductor company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $0.85 by $0.20. The business had revenue of $250.89 million for the quarter, compared to analysts' expectations of $242.00 million. Silicon Laboratories had a positive return on equity of 1.51% and a negative net margin of 2.26%. The business's quarterly revenue was up 21.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. As a group, equities research analysts predict that Silicon Laboratories will post 0.52 earnings per share for the current year.

Institutional Investors Weigh In On Silicon Laboratories

A number of large investors have recently made changes to their positions in SLAB. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Silicon Laboratories by 175.7% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 268,149 shares of the semiconductor company's stock valued at $59,416,000 after acquiring an additional 170,897 shares in the last quarter. Gabelli Funds LLC lifted its stake in Silicon Laboratories by 4.7% in the third quarter. Gabelli Funds LLC now owns 41,607 shares of the semiconductor company's stock worth $9,219,000 after acquiring an additional 1,876 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. boosted its holdings in Silicon Laboratories by 6.5% in the third quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 42,879 shares of the semiconductor company's stock valued at $9,501,000 after acquiring an additional 2,600 shares in the last quarter. Meeder Advisory Services Inc. boosted its holdings in Silicon Laboratories by 142.9% in the third quarter. Meeder Advisory Services Inc. now owns 2,368 shares of the semiconductor company's stock valued at $525,000 after acquiring an additional 1,393 shares in the last quarter. Finally, Advisors Asset Management Inc. bought a new stake in Silicon Laboratories in the third quarter valued at $1,342,000.

About Silicon Laboratories

Silicon Laboratories NASDAQ: SLAB, also known as Silicon Labs, is a fabless semiconductor company headquartered in Austin, Texas. Founded in 1996, the company focuses on wireless connectivity and embedded technologies for the Internet of Things (IoT). Its products include wireless system-on-chips, microcontrollers, modules, software and development tools. These solutions support technologies such as Bluetooth, Wi-Fi, Zigbee, Thread and Matter, helping devices communicate and operate in applications across smart homes, commercial buildings and industrial settings.

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