Westfield Capital Management Co. LP Takes Position 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) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 330,897 shares of the semiconductor company's stock, valued at approximately $37,249,000. Westfield Capital Management Co. LP owned 1.02% of Silicon Laboratories as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Coldstream Capital Management Inc. raised its holdings in shares of Silicon Laboratories by 2.8% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,473 shares of the semiconductor company's stock valued at $307,000 after purchasing an additional 68 shares during the period. Oregon Public Employees Retirement Fund raised its holdings in shares of Silicon Laboratories by 1.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 6,668 shares of the semiconductor company's stock valued at $751,000 after purchasing an additional 100 shares during the period. State of Michigan Retirement System raised its holdings in shares of Silicon Laboratories by 1.3% during the first quarter. State of Michigan Retirement System now owns 7,797 shares of the semiconductor company's stock valued at $878,000 after purchasing an additional 100 shares during the period. Louisiana State Employees Retirement System raised its holdings in shares of Silicon Laboratories by 1.1% during the first quarter. Louisiana State Employees Retirement System now owns 9,100 shares of the semiconductor company's stock valued at $1,024,000 after purchasing an additional 100 shares during the period. Finally, Securian Asset Management Inc. raised its holdings in shares of Silicon Laboratories by 4.2% during the first quarter. Securian Asset Management Inc. now owns 2,498 shares of the semiconductor company's stock valued at $281,000 after purchasing an additional 100 shares during the period.

Insider Buying and Selling

In related news, SVP Robert J. Conrad sold 4,029 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $131.20, for a total transaction of $528,604.80. Following the sale, the senior vice president directly owned 25,380 shares in the company, valued at approximately $3,329,856. This represents a 13.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Matthew Johnson sold 5,879 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $131.20, for a total transaction of $771,324.80. Following the sale, the chief executive officer owned 73,688 shares in the company, valued at $9,667,865.60. The trade was a 7.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,080 shares of company stock valued at $1,452,290 over the last three months. Insiders own 1.60% of the company's stock.

Silicon Laboratories Price Performance

Shares of Silicon Laboratories stock traded up $1.09 on Friday, reaching $125.42. 306,566 shares of the company traded hands, compared to its average volume of 440,948. Silicon Laboratories, Inc. has a 52 week low of $82.82 and a 52 week high of $160.00. The company has a 50 day moving average of $138.69 and a 200 day moving average of $128.11. The firm has a market capitalization of $4.12 billion, a PE ratio of -38.95 and a beta of 1.48.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last released its earnings results on Tuesday, August 5th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $192.85 million during the quarter, compared to the consensus estimate of $192.57 million. During the same period in the prior year, the firm earned ($0.56) EPS. The company's revenue was up 32.6% compared to the same quarter last year. As a group, analysts anticipate that Silicon Laboratories, Inc. will post -0.97 earnings per share for the current year.

Analysts Set New Price Targets

SLAB has been the topic of several research reports. Benchmark reiterated a "buy" rating and set a $160.00 price objective on shares of Silicon Laboratories in a report on Tuesday, May 27th. Needham & Company LLC restated a "buy" rating and issued a $150.00 target price on shares of Silicon Laboratories in a report on Wednesday, May 14th. Barclays upped their target price on shares of Silicon Laboratories from $100.00 to $130.00 and gave the stock an "equal weight" rating in a report on Tuesday. Wall Street Zen upgraded shares of Silicon Laboratories from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Morgan Stanley lowered 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. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $151.13.

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.