Connor Clark & Lunn Investment Management Ltd. Takes Position in Silicon Laboratories, Inc. $SLAB

Key Points

• Connor Clark & Lunn Investment Management acquired 4,966 Silicon Laboratories shares worth approximately $1.085 million during the second quarter. Other institutional investors, including BlackRock, Norges Bank, AQR Capital Management, and Bank of New York Mellon, also increased or initiated positions.
• Analyst sentiment remains cautious: Zacks Research downgraded the stock to “strong sell,” while the consensus rating is “Reduce,” with an average price target of $218.
• 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. Shares opened at $218.54, near the company’s 52-week high of $220.90.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,966 shares of the semiconductor company's stock, valued at approximately $1,085,000.

Several other hedge funds also recently added to or reduced their stakes in SLAB. BlackRock Inc. acquired a new stake in Silicon Laboratories during the second quarter worth $1,135,435,000. Norges Bank acquired a new position in shares of Silicon Laboratories in the 4th quarter valued at $56,008,000. Thrivent Financial for Lutherans lifted its stake in shares of Silicon Laboratories by 312.9% in the 4th quarter. Thrivent Financial for Lutherans now owns 467,958 shares of the semiconductor company's stock valued at $61,162,000 after purchasing an additional 354,621 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Silicon Laboratories by 1,970.7% during the 2nd quarter. AQR Capital Management LLC now owns 370,492 shares of the semiconductor company's stock worth $54,516,000 after purchasing an additional 352,600 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in shares of Silicon Laboratories during the 2nd quarter worth $45,699,000.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Zacks Research lowered shares of 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 note 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's stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $218.00.

Silicon Laboratories Price Performance

Shares of NASDAQ SLAB opened at $218.54 on Monday. The business's 50 day moving average is $218.19 and its two-hundred day moving average is $213.97. Silicon Laboratories, Inc. has a 52-week low of $115.50 and a 52-week high of $220.90. The firm has a market cap of $7.29 billion, a price-to-earnings ratio of -185.20 and a beta of 1.37.

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

About Silicon Laboratories

Silicon Laboratories NASDAQ: SLAB is a global semiconductor company that develops high-performance analog and mixed-signal integrated circuits, wireless system-on-chips (SoCs), microcontrollers, and radio frequency (RF) solutions. Its product portfolio is tailored to support the Internet of Things (IoT), infrastructure, industrial automation, consumer electronics, automotive, and energy markets. By combining silicon, software, and tools, Silicon Labs aims to accelerate development cycles and deliver low-power, highly integrated solutions that address demanding application requirements.

Founded in 1996 and headquartered in Austin, Texas, Silicon Labs has grown into a multinational organization with engineering and sales operations across North America, Europe, and Asia.

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