Connor Clark & Lunn Investment Management Ltd. Buys 34,078 Shares of Silicon Laboratories, Inc. (NASDAQ:SLAB)

Key Points

• Connor Clark & Lunn Investment Management Ltd. raised its holdings in Silicon Laboratories by 363.9%, acquiring an additional 34,078 shares, bringing its total to 43,442 shares valued at approximately $4.89 million.
• Silicon Laboratories reported earnings of $0.11 EPS for the last quarter, exceeding analyst expectations and marking a 32.6% increase in revenue compared to the previous year.
• Multiple brokerages have recently increased their price targets on SLAB stock, with KeyCorp upping its target from $160.00 to $180.00 and giving it an "overweight" rating.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 363.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 43,442 shares of the semiconductor company's stock after purchasing an additional 34,078 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.13% of Silicon Laboratories worth $4,890,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Capital Research Global Investors grew its stake in 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 during the last quarter. Westfield Capital Management Co. LP acquired a new position in Silicon Laboratories in the 1st quarter valued at $37,249,000. Mackenzie Financial Corp grew its stake in Silicon Laboratories by 11,746.2% in the 1st quarter. Mackenzie Financial Corp now owns 236,924 shares of the semiconductor company's stock valued at $26,671,000 after buying an additional 234,924 shares during the last quarter. Invesco Ltd. grew its stake in 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 during the last quarter. Finally, GAMMA Investing LLC grew its stake in 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 during the last quarter.

Wall Street Analysts Forecast Growth

SLAB has been the topic of several research analyst reports. Benchmark restated a "buy" rating and issued a $160.00 price target on shares of Silicon Laboratories in a research report on Tuesday, May 27th. Morgan Stanley decreased their target price on Silicon Laboratories from $157.00 to $144.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 6th. Stifel Nicolaus boosted their price target on Silicon Laboratories from $144.00 to $160.00 and gave the company a "buy" rating in a research note on Friday, July 18th. KeyCorp upped their price target on Silicon Laboratories from $160.00 to $180.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $150.00 price target 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $151.13.

Silicon Laboratories Stock Performance

Shares of NASDAQ:SLAB traded down $2.47 during midday trading on Friday, reaching $130.67. 290,049 shares of the company's stock were exchanged, compared to its average volume of 433,886. The company's 50 day simple moving average is $139.31 and its two-hundred day simple moving average is $127.88. The firm has a market capitalization of $4.29 billion, a PE ratio of -40.58 and a beta of 1.48. Silicon Laboratories, Inc. has a 12 month low of $82.82 and a 12 month high of $160.00.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.09 by $0.02. The company had revenue of $192.85 million during the quarter, compared to the consensus estimate of $192.57 million. Silicon Laboratories had a negative net margin of 14.88% and a negative return on equity of 7.21%. The firm's revenue for the quarter was up 32.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.56) EPS. On average, research analysts anticipate that Silicon Laboratories, Inc. will post -0.97 earnings per share 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.