Westfield Capital Management Co. LP Acquires New Stake in Silicon Laboratories, Inc. (NASDAQ:SLAB)

Key Points

• Westfield Capital Management Co. LP has acquired 330,897 shares of Silicon Laboratories, valued at approximately $37.25 million, representing around 1.02% ownership in the company.
• Several other hedge funds have increased their holdings in Silicon Laboratories, with GAMMA Investing LLC boosting their position by 99.6% during the first quarter.
• Analysts have a consensus rating of “Moderate Buy” for Silicon Laboratories, with price targets ranging from $80.00 to $160.00 based on recent reports.

Westfield Capital Management Co. LP bought a new stake in Silicon Laboratories, Inc. (NASDAQ:SLAB - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 330,897 shares of the semiconductor company's stock, valued at approximately $37,249,000. Westfield Capital Management Co. LP owned approximately 1.02% of Silicon Laboratories at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its stake in shares of Silicon Laboratories by 119.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,310 shares of the semiconductor company's stock valued at $485,000 after purchasing an additional 2,347 shares during the last quarter. Alberta Investment Management Corp boosted its stake in shares of Silicon Laboratories by 74.5% in the 1st quarter. Alberta Investment Management Corp now owns 29,057 shares of the semiconductor company's stock valued at $3,271,000 after purchasing an additional 12,403 shares in the last quarter. US Bancorp DE grew its holdings in shares of Silicon Laboratories by 22.6% during the 1st quarter. US Bancorp DE now owns 2,086 shares of the semiconductor company's stock valued at $235,000 after purchasing an additional 385 shares during the last quarter. XTX Topco Ltd acquired a new position in Silicon Laboratories during the 1st quarter worth approximately $686,000. Finally, Mackenzie Financial Corp boosted its position in Silicon Laboratories by 11,746.2% in the first quarter. Mackenzie Financial Corp now owns 236,924 shares of the semiconductor company's stock valued at $26,671,000 after buying an additional 234,924 shares in the last quarter.

Silicon Laboratories Stock Performance

Shares of SLAB stock traded up $0.57 during trading hours on Thursday, hitting $124.33. 386,365 shares of the company were exchanged, compared to its average volume of 438,757. Silicon Laboratories, Inc. has a fifty-two week low of $82.82 and a fifty-two week high of $160.00. The company has a 50 day simple moving average of $138.58 and a two-hundred day simple moving average of $128.19. The firm has a market cap of $4.08 billion, a P/E ratio of -38.61 and a beta of 1.48.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.02. Silicon Laboratories had a negative return on equity of 7.21% and a negative net margin of 14.88%. The business had revenue of $192.85 million for the quarter, compared to the consensus estimate of $192.57 million. During the same period in the prior year, the business earned ($0.56) EPS. The firm's revenue for the quarter was up 32.6% on a year-over-year basis. As a group, sell-side analysts expect 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 a number of research reports. KeyCorp increased their price target on Silicon Laboratories from $160.00 to $180.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Susquehanna lifted their price target on Silicon Laboratories from $110.00 to $150.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. 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. Morgan Stanley reduced their target price on shares of Silicon Laboratories from $157.00 to $144.00 and set an "equal weight" rating on the stock in a report on Wednesday. Finally, Needham & Company LLC restated a "buy" rating and issued a $150.00 price objective on shares of Silicon Laboratories in a report on Wednesday, May 14th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $151.13.

Insider Transactions at Silicon Laboratories

In other news, SVP Robert J. Conrad sold 4,029 shares of the 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 sale, the senior vice president directly owned 25,380 shares of the company's stock, valued at $3,329,856. This represents a 13.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert Matthew Johnson sold 5,879 shares of the 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 completion of the sale, the chief executive officer owned 73,688 shares of the company's stock, valued at approximately $9,667,865.60. This represents a 7.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,080 shares of company stock worth $1,452,290 in the last 90 days. 1.60% of the stock is currently owned by company insiders.

Silicon Laboratories Company 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.