PNC Financial Services Group Inc. boosted its position in shares of Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 119.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,310 shares of the semiconductor company's stock after acquiring an additional 2,347 shares during the period. PNC Financial Services Group Inc.'s holdings in Silicon Laboratories were worth $485,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Silicon Laboratories during the 1st quarter valued at $34,000. UMB Bank n.a. boosted its holdings in Silicon Laboratories by 111.3% in the 1st 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 increased its stake in Silicon Laboratories by 143.7% in the 1st quarter. Parallel Advisors LLC now owns 463 shares of the semiconductor company's stock worth $52,000 after buying an additional 273 shares in the last quarter. Larson Financial Group LLC bought a new stake in Silicon Laboratories during the first quarter valued at about $55,000. Finally, TD Private Client Wealth LLC raised its holdings in Silicon Laboratories by 53.6% during the first quarter. TD Private Client Wealth LLC now owns 914 shares of the semiconductor company's stock valued at $103,000 after acquiring an additional 319 shares during the period.
Analyst Ratings Changes
A number of research firms have recently weighed in on SLAB. Benchmark reaffirmed a "buy" rating and issued a $160.00 price objective on shares of Silicon Laboratories in a research note on Tuesday, May 27th. 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. Stifel Nicolaus lifted their price objective on shares of Silicon Laboratories from $144.00 to $160.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Susquehanna boosted their target price on shares of Silicon Laboratories from $110.00 to $150.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, KeyCorp raised their target price on shares of Silicon Laboratories from $160.00 to $180.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Silicon Laboratories has a consensus rating of "Moderate Buy" and a consensus price target of $151.13.
Read Our Latest Stock Analysis on SLAB
Insider Activity
In other Silicon Laboratories news, CEO Robert Matthew Johnson sold 5,879 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $131.20, for a total transaction of $771,324.80. Following the sale, the chief executive officer directly owned 73,688 shares in the company, valued at $9,667,865.60. This represents a 7.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Robert J. Conrad sold 4,029 shares of Silicon Laboratories stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $131.20, for a total value of $528,604.80. Following the completion of the transaction, the senior vice president owned 25,380 shares of the company's stock, valued at approximately $3,329,856. This trade represents a 13.70% decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.
Silicon Laboratories Price Performance
Shares of SLAB opened at $134.65 on Thursday. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of -41.82 and a beta of 1.48. Silicon Laboratories, Inc. has a 1 year low of $82.82 and a 1 year high of $160.00. The business's 50 day simple moving average is $139.04 and its 200-day simple moving average is $127.93.
Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. Silicon Laboratories had a negative net margin of 14.88% and a negative return on equity of 7.21%. The company had revenue of $192.85 million for the quarter, compared to analysts' expectations of $192.57 million. During the same quarter in the previous year, the business posted ($0.56) earnings per share. Silicon Laboratories's quarterly revenue was up 32.6% on a year-over-year basis. On average, sell-side analysts expect that Silicon Laboratories, Inc. will post -0.97 earnings per share for the current year.
Silicon Laboratories Company Profile
(
Free Report)
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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