Alberta Investment Management Corp Raises Stock Holdings in Silicon Laboratories, Inc. (NASDAQ:SLAB)

Key Points

• Alberta Investment Management Corp increased its holdings in Silicon Laboratories, Inc. by 74.5% in the first quarter, owning a total of 29,057 shares valued at approximately $3.27 million.
• Silicon Laboratories reported quarterly revenue of $177.71 million, a 67.0% increase from the same quarter last year, and surpassed analysts' expectations for earnings per share by $0.01.
• Recent analyst reports showed a mix of upgraded and downgraded price targets for Silicon Laboratories, with current average ratings reflecting a "Moderate Buy" status and an average price target of $139.00.

Alberta Investment Management Corp lifted its holdings in shares of Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 74.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,057 shares of the semiconductor company's stock after purchasing an additional 12,403 shares during the quarter. Alberta Investment Management Corp owned 0.09% of Silicon Laboratories worth $3,271,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in shares of Silicon Laboratories by 99.6% during the first quarter. GAMMA Investing LLC now owns 1,126 shares of the semiconductor company's stock worth $127,000 after purchasing an additional 562 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Silicon Laboratories by 72.2% during the first quarter. Principal Financial Group Inc. now owns 129,911 shares of the semiconductor company's stock worth $14,624,000 after purchasing an additional 54,463 shares in the last quarter. KBC Group NV grew its holdings in shares of Silicon Laboratories by 27.1% during the first quarter. KBC Group NV now owns 1,625 shares of the semiconductor company's stock worth $183,000 after purchasing an additional 346 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Silicon Laboratories by 2.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 7,379 shares of the semiconductor company's stock worth $831,000 after purchasing an additional 210 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Silicon Laboratories by 9.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,334 shares of the semiconductor company's stock worth $290,000 after purchasing an additional 206 shares in the last quarter.

Silicon Laboratories Stock Performance

NASDAQ:SLAB opened at $128.77 on Friday. The firm has a market cap of $4.19 billion, a PE ratio of -25.20 and a beta of 1.48. Silicon Laboratories, Inc. has a fifty-two week low of $82.82 and a fifty-two week high of $160.00. The business has a 50 day moving average price of $138.29 and a 200-day moving average price of $128.34.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The semiconductor company reported ($0.08) earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $0.01. The firm had revenue of $177.71 million during the quarter, compared to analyst estimates of $177.48 million. Silicon Laboratories had a negative return on equity of 8.80% and a negative net margin of 25.16%. The business's quarterly revenue was up 67.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.92) earnings per share. Research analysts predict that Silicon Laboratories, Inc. will post -0.97 EPS for the current year.

Wall Street Analyst Weigh In

SLAB has been the subject of several recent analyst reports. Stifel Nicolaus boosted their price objective on Silicon Laboratories from $144.00 to $160.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Susquehanna upped their target price on Silicon Laboratories from $110.00 to $150.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. KeyCorp upped their target price on Silicon Laboratories from $160.00 to $180.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Barclays cut their target price on Silicon Laboratories from $120.00 to $80.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 22nd. Finally, Benchmark reaffirmed a "buy" rating and issued a $160.00 target price on shares of Silicon Laboratories in a research note on Tuesday, May 27th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $139.00.

Insider Activity at Silicon Laboratories

In related news, SVP Robert J. Conrad sold 4,029 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $131.20, for a total transaction of $528,604.80. Following the completion of the transaction, the senior vice president owned 25,380 shares in the company, valued at $3,329,856. This represents a 13.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christy Wyatt sold 546 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $104.45, for a total value of $57,029.70. Following the transaction, the director owned 8,492 shares of the company's stock, valued at approximately $886,989.40. This represents a 6.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,626 shares of company stock worth $1,509,319 over the last quarter. 1.60% of the stock is owned by corporate insiders.

About Silicon Laboratories

Silicon Laboratories Inc, a fabless semiconductor company, provides various analog-intensive mixed-signal solutions in the United States, China, Taiwan, and internationally. The company's products include wireless microcontrollers and sensor products. Its products are used in various electronic products in a range of applications for the industrial Internet of Things (IoT), including industrial automation and control, smart buildings, access control, HVAC control, and industrial wearables and power tools; smart cities applications, such as smart metering, smart street lighting, renewable energy, electric vehicle supply equipment, and smart agriculture; commercial IoT applications, including smart lighting, asset tracking, electronic shelf labels, theft protection, and enterprise access points; smart home applications, comprising home automation/security systems, smart speakers, smart lighting, HVAC control, smart cameras, smart appliances, smart home sensing, smart locks, and window/blind controls; and connected health applications, including diabetes management, consumer health and fitness, elderly care, patient monitoring, and activity tracking; as well as in commercial building automation, consumer electronics, and medical instrumentation.

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