Kornitzer Capital Management Inc. KS Cuts Stock Holdings in Silicon Laboratories, Inc. (NASDAQ:SLAB)

Kornitzer Capital Management Inc. KS decreased its stake in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 12.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,330 shares of the semiconductor company's stock after selling 9,130 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.19% of Silicon Laboratories worth $7,016,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Jones Financial Companies Lllp boosted its stake in Silicon Laboratories by 44.5% during the fourth quarter. Jones Financial Companies Lllp now owns 224 shares of the semiconductor company's stock valued at $28,000 after buying an additional 69 shares during the last quarter. UMB Bank n.a. raised its holdings 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 raised its holdings 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 position in Silicon Laboratories during the 1st quarter worth $55,000. Finally, Headlands Technologies LLC purchased a new position in Silicon Laboratories during the 4th quarter worth $70,000.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SLAB shares. KeyCorp raised their price objective on Silicon Laboratories from $160.00 to $180.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Stifel Nicolaus lifted their price objective on Silicon Laboratories from $144.00 to $160.00 and gave the company a "buy" rating in a research note on Friday. Susquehanna lifted their price target on Silicon Laboratories from $100.00 to $110.00 and gave the company a "neutral" rating in a research note on Wednesday, May 14th. Needham & Company LLC restated a "buy" rating and issued a $150.00 price target on shares of Silicon Laboratories in a research note on Wednesday, May 14th. Finally, Wall Street Zen upgraded Silicon Laboratories from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $134.00.

Silicon Laboratories Price Performance

Shares of NASDAQ:SLAB traded up $2.18 during trading on Friday, reaching $147.57. 100,561 shares of the company's stock traded hands, compared to its average volume of 352,379. Silicon Laboratories, Inc. has a 12 month low of $82.82 and a 12 month high of $160.00. The stock has a market capitalization of $4.81 billion, a P/E ratio of -28.80 and a beta of 1.47. The company has a 50 day moving average of $135.93 and a 200-day moving average of $127.71.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The semiconductor company reported ($0.08) earnings per share 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 in the prior year, the business earned ($0.92) EPS. The company's revenue for the quarter was up 67.0% compared to the same quarter last year. Equities research analysts predict that Silicon Laboratories, Inc. will post -0.97 earnings per share for the current fiscal year.

Insider Transactions at Silicon Laboratories

In related 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 transaction, the director directly owned 8,492 shares in the company, valued at approximately $886,989.40. This represents a 6.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert Matthew Johnson sold 5,879 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $131.20, for a total transaction of $771,324.80. Following the completion of the transaction, the chief executive officer directly owned 73,688 shares of the company's stock, valued at $9,667,865.60. This trade represents a 7.39% decrease in their position. 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 quarter. 1.60% of the stock is owned by company insiders.

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.