Envestnet Portfolio Solutions Inc. Decreases Stock Position in Silicon Laboratories, Inc. (NASDAQ:SLAB)

Envestnet Portfolio Solutions Inc. cut its holdings in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 18.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,755 shares of the semiconductor company's stock after selling 1,707 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Silicon Laboratories were worth $873,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. FMR LLC lifted its holdings in Silicon Laboratories by 0.5% in the 4th quarter. FMR LLC now owns 4,867,203 shares of the semiconductor company's stock valued at $604,604,000 after purchasing an additional 23,833 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Silicon Laboratories by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 3,959,580 shares of the semiconductor company's stock valued at $491,859,000 after purchasing an additional 71,942 shares in the last quarter. Capital Research Global Investors lifted its holdings 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 purchasing an additional 403,010 shares in the last quarter. GW&K Investment Management LLC lifted its holdings in Silicon Laboratories by 5.6% in the 4th quarter. GW&K Investment Management LLC now owns 682,045 shares of the semiconductor company's stock valued at $84,723,000 after purchasing an additional 36,330 shares in the last quarter. Finally, Federated Hermes Inc. lifted its holdings in Silicon Laboratories by 4.1% in the 4th quarter. Federated Hermes Inc. now owns 638,464 shares of the semiconductor company's stock valued at $79,310,000 after purchasing an additional 25,178 shares in the last quarter.

Silicon Laboratories Price Performance

Shares of SLAB stock opened at $148.61 on Thursday. Silicon Laboratories, Inc. has a 1-year low of $82.82 and a 1-year high of $160.00. The firm's 50-day simple moving average is $121.85 and its 200-day simple moving average is $125.71. The firm has a market cap of $4.84 billion, a P/E ratio of -29.08 and a beta of 1.42.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The semiconductor company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. Silicon Laboratories had a negative net margin of 25.16% and a negative return on equity of 8.80%. The firm had revenue of $177.71 million for the quarter, compared to analyst estimates of $177.48 million. During the same quarter last year, the firm posted ($0.92) earnings per share. Silicon Laboratories's revenue for the quarter was up 67.0% compared to the same quarter last year. Analysts expect that Silicon Laboratories, Inc. will post -0.97 earnings per share for the current fiscal year.

Insider Activity at Silicon Laboratories

In related news, SVP Robert J. Conrad sold 4,029 shares of the firm'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 $528,604.80. Following the transaction, the senior vice president now owns 25,380 shares in the company, valued at approximately $3,329,856. This trade represents a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Christy Wyatt sold 546 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $104.45, for a total transaction of $57,029.70. Following the completion of the transaction, the director now owns 8,492 shares in the company, valued at $886,989.40. The trade was a 6.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,626 shares of company stock worth $1,509,319. Company insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on SLAB. Wall Street Zen upgraded shares of Silicon Laboratories from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Susquehanna upped 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. Barclays reduced their target price on shares of Silicon Laboratories from $120.00 to $80.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Benchmark restated a "buy" rating and issued a $160.00 target price on shares of Silicon Laboratories in a report on Tuesday, May 27th. Finally, Stifel Nicolaus cut their price objective on shares of Silicon Laboratories from $145.00 to $120.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $126.50.

About Silicon Laboratories

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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