Bank of New York Mellon Corp Sells 14,561 Shares of Silicon Laboratories, Inc. (NASDAQ:SLAB)

Bank of New York Mellon Corp lowered its position in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 276,073 shares of the semiconductor company's stock after selling 14,561 shares during the quarter. Bank of New York Mellon Corp owned about 0.85% of Silicon Laboratories worth $31,078,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Research Global Investors boosted its holdings in shares of Silicon Laboratories by 23.3% in the 4th quarter. Capital Research Global Investors now owns 2,131,920 shares of the semiconductor company's stock valued at $264,827,000 after buying an additional 403,010 shares in the last quarter. Norges Bank bought a new stake in shares of Silicon Laboratories in the 4th quarter valued at about $34,622,000. Invesco Ltd. boosted its holdings in shares of Silicon Laboratories by 46.9% in the 4th quarter. Invesco Ltd. now owns 595,382 shares of the semiconductor company's stock valued at $73,958,000 after buying an additional 190,085 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Silicon Laboratories by 22,374.1% in the 1st quarter. GAMMA Investing LLC now owns 126,754 shares of the semiconductor company's stock valued at $14,269,000 after buying an additional 126,190 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Silicon Laboratories in the 4th quarter valued at about $14,252,000.

Insider Activity

In other news, SVP Robert J. Conrad sold 4,029 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $131.20, for a total transaction of $528,604.80. Following the transaction, the senior vice president owned 25,380 shares of the company's stock, valued at approximately $3,329,856. This represents a 13.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 value of $771,324.80. Following the sale, the chief executive officer owned 73,688 shares of the company's stock, valued at approximately $9,667,865.60. The trade was a 7.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,626 shares of company stock valued at $1,509,319 over the last three months. Insiders own 1.60% of the company's stock.

Silicon Laboratories Trading Up 2.9%

SLAB stock traded up $4.24 during midday trading on Friday, hitting $149.63. 559,620 shares of the company's stock were exchanged, compared to its average volume of 354,233. Silicon Laboratories, Inc. has a 12-month low of $82.82 and a 12-month high of $160.00. The firm has a 50 day moving average price of $136.58 and a 200-day moving average price of $127.89. The stock has a market capitalization of $4.87 billion, a price-to-earnings ratio of -29.28 and a beta of 1.47.

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SLAB. KeyCorp raised their price target on shares of Silicon Laboratories from $160.00 to $180.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Barclays cut their target price on shares of Silicon Laboratories from $120.00 to $80.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. Wall Street Zen raised shares of Silicon Laboratories from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Susquehanna lifted their target price on shares of Silicon Laboratories from $100.00 to $110.00 and gave the company a "neutral" rating in a report on Wednesday, May 14th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $150.00 target price on shares of Silicon Laboratories in a report on Wednesday, May 14th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $134.00.

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.