Principal Financial Group Inc. Increases Stock Holdings in Silicon Laboratories, Inc. (NASDAQ:SLAB)

Principal Financial Group Inc. increased its position in shares of Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 72.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 129,911 shares of the semiconductor company's stock after acquiring an additional 54,463 shares during the quarter. Principal Financial Group Inc. owned approximately 0.40% of Silicon Laboratories worth $14,624,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of SLAB. FMR LLC lifted its stake in shares of Silicon Laboratories by 0.5% in the 4th quarter. FMR LLC now owns 4,867,203 shares of the semiconductor company's stock worth $604,604,000 after acquiring an additional 23,833 shares during the period. Vanguard Group Inc. raised its holdings in shares of Silicon Laboratories by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 3,959,580 shares of the semiconductor company's stock valued at $491,859,000 after buying an additional 71,942 shares during the period. Capital Research Global Investors boosted its stake in shares of Silicon Laboratories by 23.3% during 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 buying an additional 403,010 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Silicon Laboratories by 4.1% during the 4th quarter. Federated Hermes Inc. now owns 638,464 shares of the semiconductor company's stock worth $79,310,000 after buying an additional 25,178 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Silicon Laboratories by 1.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 604,168 shares of the semiconductor company's stock valued at $75,053,000 after purchasing an additional 5,781 shares during the period.

Insider Activity

In other Silicon Laboratories news, Director Christy Wyatt sold 546 shares of the business'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 completion of the transaction, the director directly owned 8,492 shares in the company, valued at approximately $886,989.40. The trade was a 6.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert Matthew Johnson sold 5,879 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $131.20, for a total transaction of $771,324.80. Following the transaction, the chief executive officer owned 73,688 shares in the company, valued at approximately $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 11,626 shares of company stock valued at $1,509,319 in the last ninety days. Insiders own 1.60% of the company's stock.

Silicon Laboratories Price Performance

NASDAQ:SLAB traded down $2.05 during mid-day trading on Tuesday, hitting $137.91. 290,754 shares of the company's stock were exchanged, compared to its average volume of 352,848. Silicon Laboratories, Inc. has a one year low of $82.82 and a one year high of $160.00. The company has a market cap of $4.49 billion, a PE ratio of -26.99 and a beta of 1.47. The business has a fifty day moving average price of $133.32 and a 200 day moving average price of $127.32.

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 for the quarter, beating analysts' consensus estimates of ($0.09) by $0.01. The company had revenue of $177.71 million for the quarter, compared to the consensus estimate of $177.48 million. Silicon Laboratories had a negative return on equity of 8.80% and a negative net margin of 25.16%. Silicon Laboratories's revenue was up 67.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.92) earnings per share. On average, equities analysts forecast that Silicon Laboratories, Inc. will post -0.97 EPS for the current fiscal year.

Analysts Set New Price Targets

SLAB has been the subject of several analyst reports. Wall Street Zen raised Silicon Laboratories from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Needham & Company LLC reaffirmed a "buy" rating and set a $150.00 price target on shares of Silicon Laboratories in a report on Wednesday, May 14th. Stifel Nicolaus reduced their price target on Silicon Laboratories from $145.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. KeyCorp lifted their target price on Silicon Laboratories from $160.00 to $180.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Benchmark reissued a "buy" rating and set a $160.00 price target on shares of Silicon Laboratories in a research report on Tuesday, May 27th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $129.00.

Silicon Laboratories Profile

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.