Allianz Asset Management GmbH Buys 19,908 Shares of Silicon Laboratories, Inc. (NASDAQ:SLAB)

Key Points

• Allianz Asset Management GmbH increased its stake in Silicon Laboratories, Inc. by 14.9% in Q1, owning approximately 0.47% of the company valued at $17.3 million.
• Silicon Laboratories' stock has recently been rated as a "Moderate Buy" by analysts, with a consensus target price of $139.00 per share.
• Insider transactions include a sale by SVP Robert J. Conrad, who sold 4,029 shares valued at over $528,000, indicating reduced ownership in the company.

Allianz Asset Management GmbH increased its position in shares of Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 14.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 153,758 shares of the semiconductor company's stock after purchasing an additional 19,908 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.47% of Silicon Laboratories worth $17,309,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Coldstream Capital Management Inc. raised its position in shares of Silicon Laboratories by 2.8% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,473 shares of the semiconductor company's stock worth $307,000 after acquiring an additional 68 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Silicon Laboratories by 1.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 6,668 shares of the semiconductor company's stock worth $751,000 after buying an additional 100 shares during the period. State of Michigan Retirement System raised its stake in shares of Silicon Laboratories by 1.3% during the first quarter. State of Michigan Retirement System now owns 7,797 shares of the semiconductor company's stock worth $878,000 after buying an additional 100 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Silicon Laboratories by 1.1% during the first quarter. Louisiana State Employees Retirement System now owns 9,100 shares of the semiconductor company's stock worth $1,024,000 after buying an additional 100 shares during the last quarter. Finally, Securian Asset Management Inc. raised its stake in shares of Silicon Laboratories by 4.2% during the first quarter. Securian Asset Management Inc. now owns 2,498 shares of the semiconductor company's stock worth $281,000 after buying an additional 100 shares during the last quarter.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC reissued a "buy" rating and set a $150.00 price target on shares of Silicon Laboratories in a research note on Wednesday, May 14th. Barclays reduced their price objective on shares of Silicon Laboratories from $120.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. Benchmark reissued a "buy" rating and set a $160.00 price objective on shares of Silicon Laboratories in a research note on Tuesday, May 27th. Wall Street Zen raised shares of Silicon Laboratories from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Finally, KeyCorp lifted their price objective on shares of Silicon Laboratories from $160.00 to $180.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Silicon Laboratories presently has a consensus rating of "Moderate Buy" and a consensus price target of $139.00.

Insiders Place Their Bets

In other Silicon Laboratories news, CEO Robert Matthew Johnson sold 5,879 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $131.20, for a total transaction of $771,324.80. Following the completion of the sale, the chief executive officer owned 73,688 shares of the company's stock, valued at approximately $9,667,865.60. This represents a 7.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Robert J. Conrad sold 4,029 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $131.20, for a total transaction of $528,604.80. Following the sale, the senior vice president directly owned 25,380 shares of the company's stock, valued at $3,329,856. This represents a 13.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,626 shares of company stock valued at $1,509,319. 1.60% of the stock is currently owned by corporate insiders.

Silicon Laboratories Trading Down 1.0%

Shares of NASDAQ SLAB traded down $1.35 during midday trading on Friday, reaching $134.50. The company's stock had a trading volume of 383,336 shares, compared to its average volume of 438,853. Silicon Laboratories, Inc. has a fifty-two week low of $82.82 and a fifty-two week high of $160.00. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of -26.32 and a beta of 1.47. The stock has a 50 day simple moving average of $137.41 and a 200-day simple moving average of $128.31.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last issued its earnings results on Tuesday, May 13th. The semiconductor company reported ($0.08) earnings per share for the quarter, topping analysts' consensus estimates of ($0.09) by $0.01. Silicon Laboratories had a negative net margin of 25.16% and a negative return on equity of 8.80%. The business had revenue of $177.71 million for the quarter, compared to the consensus estimate of $177.48 million. During the same period in the previous year, the company earned ($0.92) earnings per share. The firm's revenue for the quarter was up 67.0% on a year-over-year basis. As a group, equities analysts anticipate that Silicon Laboratories, Inc. will post -0.97 EPS for the current year.

Silicon Laboratories Company Profile

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.