Redmond Asset Management LLC Sells 8,292 Shares of Silicon Laboratories, Inc. $SLAB

Key Points

• Redmond Asset Management reduced its Silicon Laboratories stake by 68.3% in the third quarter, selling 8,292 shares and retaining 3,848 shares valued at approximately $853,000.
• Silicon Laboratories reported quarterly EPS of $0.71, beating expectations by $0.02, while revenue rose 18.3% year over year to $228.19 million. The stock opened at $221.76, near its 52-week high.
• Analyst sentiment remains cautious: six analysts rate the stock Hold and one rates it Sell, resulting in an average “Reduce” rating and a consensus price target of $218.

Redmond Asset Management LLC cut its holdings in shares of Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 68.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,848 shares of the semiconductor company's stock after selling 8,292 shares during the period. Redmond Asset Management LLC's holdings in Silicon Laboratories were worth $853,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SLAB. S Squared Technology LLC bought a new position in shares of Silicon Laboratories during the 2nd quarter valued at about $2,345,149. The Manufacturers Life Insurance Company acquired a new position in shares of Silicon Laboratories in the 2nd quarter valued at approximately $5,431,000. Hsbc Holdings PLC grew its position in shares of Silicon Laboratories by 43.6% in the 2nd quarter. Hsbc Holdings PLC now owns 307,503 shares of the semiconductor company's stock valued at $67,455,000 after purchasing an additional 93,432 shares during the period. California State Teachers Retirement System increased its stake in Silicon Laboratories by 21.5% during the 1st quarter. California State Teachers Retirement System now owns 38,003 shares of the semiconductor company's stock worth $7,910,000 after purchasing an additional 6,737 shares in the last quarter. Finally, HBK Investments L P bought a new stake in Silicon Laboratories during the 2nd quarter worth approximately $218,560,000.

Silicon Laboratories Trading Up 0.0%

Silicon Laboratories stock opened at $221.76 on Thursday. Silicon Laboratories, Inc. has a 1-year low of $115.50 and a 1-year high of $223.50. The company has a fifty day simple moving average of $220.60 and a 200 day simple moving average of $209.46. The company has a market cap of $7.40 billion, a P/E ratio of -187.93 and a beta of 1.33.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The semiconductor company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.69 by $0.02. The firm had revenue of $228.19 million for the quarter, compared to analysts' expectations of $227.99 million. Silicon Laboratories had a negative net margin of 4.57% and a negative return on equity of 0.66%. The company's revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 EPS. On average, equities research analysts forecast that Silicon Laboratories, Inc. will post 0.52 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Zacks Research upgraded shares of Silicon Laboratories from a "strong sell" rating to a "hold" rating in a report on Monday, October 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Silicon Laboratories in a report on Monday, September 21st. Finally, Wall Street Zen raised shares of Silicon Laboratories to a "hold" rating in a research report on Saturday, October 10th. Six analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $218.00.

Silicon Laboratories Profile

Silicon Laboratories Inc is a fabless semiconductor company that develops technologies for the Internet of Things (IoT). The company provides integrated circuits, wireless modules, software and development tools that help manufacturers connect, monitor and control devices used in residential, commercial and industrial applications.

Its product portfolio includes wireless system-on-chip devices and modules supporting technologies such as Bluetooth, Wi-Fi, Zigbee, Thread, Matter, Z-Wave and proprietary sub-GHz protocols.

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