Bank of New York Mellon Corp reduced its position in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 5.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 276,073 shares of the semiconductor company's stock after selling 14,561 shares during the period. 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.
Other hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors raised its stake in shares of Silicon Laboratories by 23.3% in the fourth quarter. Capital Research Global Investors now owns 2,131,920 shares of the semiconductor company's stock worth $264,827,000 after purchasing an additional 403,010 shares during the last quarter. Norges Bank purchased a new position in Silicon Laboratories in the 4th quarter worth about $34,622,000. Invesco Ltd. lifted its stake in Silicon Laboratories by 46.9% during the 4th quarter. Invesco Ltd. now owns 595,382 shares of the semiconductor company's stock valued at $73,958,000 after acquiring an additional 190,085 shares during the period. GAMMA Investing LLC grew its stake in shares of Silicon Laboratories by 22,374.1% during the 1st quarter. GAMMA Investing LLC now owns 126,754 shares of the semiconductor company's stock valued at $14,269,000 after purchasing an additional 126,190 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Silicon Laboratories in the 4th quarter worth approximately $14,252,000.
Silicon Laboratories Price Performance
Shares of SLAB traded up $4.46 during midday trading on Thursday, reaching $145.03. The stock had a trading volume of 181,685 shares, compared to its average volume of 352,422. The company has a market cap of $4.72 billion, a price-to-earnings ratio of -28.48 and a beta of 1.47. The company's fifty day simple moving average is $135.24 and its two-hundred day simple moving average is $127.57. Silicon Laboratories, Inc. has a 1-year low of $82.82 and a 1-year high of $160.00.
Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last posted its earnings results on Tuesday, May 13th. The semiconductor company reported ($0.08) earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $177.48 million. During the same quarter in the previous year, the business earned ($0.92) earnings per share. The firm's revenue was up 67.0% compared to the same quarter last year. On average, sell-side analysts forecast that Silicon Laboratories, Inc. will post -0.97 earnings per share for the current year.
Insider Activity at Silicon Laboratories
In other news, Director Christy Wyatt sold 546 shares of the company's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $104.45, for a total value of $57,029.70. Following the completion of the sale, the director directly owned 8,492 shares of the company's stock, valued at approximately $886,989.40. This represents a 6.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert Matthew Johnson sold 5,879 shares of the company's 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 directly owned 73,688 shares of the company's stock, valued at approximately $9,667,865.60. This represents a 7.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,626 shares of company stock worth $1,509,319 in the last 90 days. 1.60% of the stock is owned by insiders.
Wall Street Analyst Weigh In
SLAB has been the subject of several research reports. Barclays lowered their target price on Silicon Laboratories from $120.00 to $80.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. Needham & Company LLC reaffirmed a "buy" rating and set a $150.00 price target on shares of Silicon Laboratories in a research report on Wednesday, May 14th. Benchmark reissued a "buy" rating and issued a $160.00 price objective on shares of Silicon Laboratories in a research report on Tuesday, May 27th. KeyCorp upped their target price on Silicon Laboratories from $160.00 to $180.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Stifel Nicolaus dropped their price target on Silicon Laboratories from $145.00 to $120.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Silicon Laboratories currently has a consensus rating of "Moderate Buy" and a consensus target price of $129.00.
View Our Latest Analysis on SLAB
About Silicon Laboratories
(
Free Report)
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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