Federated Hermes Inc. Sells 87,772 Shares of Silicon Laboratories, Inc. (NASDAQ:SLAB)

Federated Hermes Inc. trimmed its stake in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 13.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 550,692 shares of the semiconductor company's stock after selling 87,772 shares during the quarter. Federated Hermes Inc. owned approximately 1.70% of Silicon Laboratories worth $61,991,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Skandinaviska Enskilda Banken AB publ purchased a new stake in Silicon Laboratories during the first quarter valued at about $34,000. UMB Bank n.a. boosted its position in shares of Silicon Laboratories by 111.3% in the first quarter. UMB Bank n.a. now owns 336 shares of the semiconductor company's stock worth $38,000 after buying an additional 177 shares during the period. Parallel Advisors LLC boosted its position in shares of Silicon Laboratories by 143.7% in the first quarter. Parallel Advisors LLC now owns 463 shares of the semiconductor company's stock worth $52,000 after buying an additional 273 shares during the period. Larson Financial Group LLC purchased a new stake in shares of Silicon Laboratories in the first quarter worth about $55,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Silicon Laboratories in the fourth quarter worth about $70,000.

Silicon Laboratories Stock Down 2.3%

SLAB traded down $3.00 during midday trading on Friday, reaching $128.77. 477,561 shares of the company's stock were exchanged, compared to its average volume of 431,637. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of -25.20 and a beta of 1.48. Silicon Laboratories, Inc. has a one year low of $82.82 and a one year high of $160.00. The business has a 50-day simple moving average of $138.29 and a two-hundred day simple moving average of $128.40.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 company 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 company posted ($0.92) earnings per share. Silicon Laboratories's quarterly revenue was up 67.0% compared to the same quarter last year. As a group, research analysts anticipate that Silicon Laboratories, Inc. will post -0.97 EPS for the current fiscal year.

Insider Activity at Silicon Laboratories

In other Silicon Laboratories news, SVP Robert J. Conrad sold 4,029 shares of Silicon Laboratories stock in a transaction on Friday, May 16th. The shares were sold at an average price of $131.20, for a total transaction of $528,604.80. Following the completion of the sale, the senior vice president owned 25,380 shares of the company's stock, valued at approximately $3,329,856. The trade was a 13.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christy Wyatt sold 546 shares of the business's stock in a transaction 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 directly owned 8,492 shares of the company's stock, valued at $886,989.40. This trade represents a 6.04% 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 quarter. Corporate insiders own 1.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SLAB shares. Susquehanna upped their target price on Silicon Laboratories from $110.00 to $150.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Barclays cut their price target on Silicon Laboratories from $120.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. Stifel Nicolaus boosted their price target on Silicon Laboratories from $144.00 to $160.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Wall Street Zen upgraded Silicon Laboratories from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Finally, Benchmark reiterated a "buy" rating and issued a $160.00 price target on shares of Silicon Laboratories in a research note on Tuesday, May 27th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $139.00.

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.