Bank of America Corp DE Acquires New Position in Silicon Laboratories, Inc. $SLAB

Key Points

• Bank of America acquired 178,163 shares of Silicon Laboratories in the second quarter, worth approximately $38.9 million and representing about 0.53% of the company.
• Silicon Laboratories reported quarterly EPS of $0.71, beating estimates by $0.02, while revenue rose 18.3% year over year to $228.19 million.
• SLAB shares traded near their 12-month high at $220.87, but analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and an average price target of $218.

Bank of America Corp DE purchased a new stake in shares of Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 178,163 shares of the semiconductor company's stock, valued at approximately $38,939,000. Bank of America Corp DE owned approximately 0.53% of Silicon Laboratories as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of SLAB. Odyssean LLC purchased a new stake in shares of Silicon Laboratories in the 2nd quarter worth approximately $234,000. Man Group plc bought a new position in shares of Silicon Laboratories in the 2nd quarter worth $31,328,000. Polar Asset Management Partners Inc. bought a new stake in shares of Silicon Laboratories in the 2nd quarter valued at about $5,635,000. Jupiter Topco LLC purchased a new position in shares of Silicon Laboratories in the 2nd quarter worth approximately $3,340,000. Finally, Kintayl Capital LP purchased a new position in shares of Silicon Laboratories in the 2nd quarter worth approximately $11,556,000.

Silicon Laboratories Trading Up 0.2%

Shares of NASDAQ:SLAB opened at $220.87 on Tuesday. Silicon Laboratories, Inc. has a twelve month low of $115.50 and a twelve month high of $222.49. The company has a market cap of $7.37 billion, a PE ratio of -187.18 and a beta of 1.36. The company's 50 day moving average is $218.68 and its 200 day moving average is $215.62.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The semiconductor company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.69 by $0.02. The business had revenue of $228.19 million for the quarter, compared to the consensus estimate of $227.99 million. Silicon Laboratories had a negative net margin of 4.57% and a negative return on equity of 0.66%. The business's revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.11 EPS. Equities research analysts predict that Silicon Laboratories, Inc. will post 0.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SLAB. Zacks Research lowered Silicon Laboratories from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Silicon Laboratories in a research report on Wednesday, June 24th. Five research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Silicon Laboratories currently has a consensus rating of "Reduce" and an average price target of $218.00.

Silicon Laboratories Company Profile

Silicon Laboratories Inc is a fabless semiconductor company focused on technologies that connect and control devices in the Internet of Things (IoT). The company develops integrated circuits, modules and software designed to help manufacturers build connected products for residential, commercial and industrial applications.

Its portfolio includes wireless system-on-chips, microcontrollers, connectivity modules and development tools supporting technologies such as Bluetooth, Wi-Fi, Zigbee, Thread, Matter and proprietary wireless protocols.

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