Silicon Laboratories, Inc. $SLAB Position Boosted by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its Silicon Laboratories stake by purchasing 8.29 million additional shares in the second quarter, bringing its ownership to 8.33 million shares, or 24.96% of the company.
• Other major investors also built positions, including BlackRock, which acquired a new stake worth approximately $1.14 billion, and Pentwater Capital Management, which purchased about $162.1 million in shares.
• Silicon Laboratories reported quarterly revenue of $228.19 million and adjusted earnings of $0.71 per share, slightly beating estimates, while revenue grew 18.3% year over year. Despite the results, analysts maintain a consensus “Reduce” rating with a $218 target price, below the stock’s $220.33 opening price.

California State Teachers Retirement System increased its holdings in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) by 21,812.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,327,355 shares of the semiconductor company's stock after purchasing an additional 8,289,352 shares during the quarter. California State Teachers Retirement System owned 24.96% of Silicon Laboratories worth $1,820,027,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Silicon Laboratories during the second quarter worth approximately $1,135,435,000. State Street Corp increased its stake in Silicon Laboratories by 0.5% in the 2nd quarter. State Street Corp now owns 1,517,813 shares of the semiconductor company's stock worth $223,665,000 after purchasing an additional 7,139 shares in the last quarter. Invesco Ltd. raised its holdings in Silicon Laboratories by 12.9% during the 4th quarter. Invesco Ltd. now owns 852,493 shares of the semiconductor company's stock worth $111,421,000 after buying an additional 97,351 shares during the period. Geode Capital Management LLC raised its holdings in Silicon Laboratories by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 824,771 shares of the semiconductor company's stock worth $107,814,000 after buying an additional 7,921 shares during the period. Finally, Pentwater Capital Management LP acquired a new stake in Silicon Laboratories during the 2nd quarter worth about $162,111,000.

Silicon Laboratories Trading Up 0.5%

Shares of SLAB stock opened at $220.33 on Friday. The company has a market capitalization of $7.35 billion, a price-to-earnings ratio of -186.72 and a beta of 1.36. Silicon Laboratories, Inc. has a 1-year low of $115.50 and a 1-year high of $222.49. The stock's fifty day simple moving average is $218.47 and its 200-day simple moving average is $214.88.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SLAB shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Silicon Laboratories in a research report on Wednesday, June 24th. Zacks Research downgraded shares of Silicon Laboratories from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 18th. Five analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $218.00.

Silicon Laboratories Profile

Silicon Laboratories Inc is a fabless semiconductor company focused on technologies that connect and control devices in the Internet of Things (IoT). The company develops integrated circuits, modules and software designed to help manufacturers build connected products for residential, commercial and industrial applications.

Its portfolio includes wireless system-on-chips, microcontrollers, connectivity modules and development tools supporting technologies such as Bluetooth, Wi-Fi, Zigbee, Thread, Matter and proprietary wireless protocols.

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