Silicon Laboratories (NASDAQ:SLAB) Sets New 52-Week High - Still a Buy?

Key Points

• Silicon Laboratories shares reached a new 52-week high of $222.86, above the consensus analyst price target of $218.00. MarketBeat reports an average rating of “Reduce,” with five analysts issuing Hold ratings and two recommending Sell.
• The company’s latest quarterly results modestly exceeded expectations, with EPS of $0.71 versus a $0.69 estimate and revenue of $228.19 million. Revenue increased 18.3% year over year, although Silicon Laboratories posted a negative net margin of 4.57%.
• Several hedge funds increased their positions during the second quarter, including HBK Investments, which initiated a stake reportedly worth about $218.6 million, and Sequoia Financial Advisors, which more than tripled its holdings.

Silicon Laboratories, Inc. (NASDAQ:SLAB - Get Free Report) shares hit a new 52-week high on Thursday. The stock traded as high as $222.86 and last traded at $222.7540, with a volume of 57892 shares. The stock had previously closed at $221.58.

Analyst Ratings Changes

SLAB has been the topic of a number of research reports. Weiss Ratings restated a "sell (d-)" rating on shares of Silicon Laboratories in a report on Monday, September 21st. Zacks Research downgraded Silicon Laboratories from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 18th. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $218.00.

Silicon Laboratories Stock Performance

The stock has a market capitalization of $7.42 billion, a PE ratio of -188.38 and a beta of 1.36. The company's fifty day simple moving average is $219.19 and its two-hundred day simple moving average is $216.53.

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

Hedge Funds Weigh In On Silicon Laboratories

Several hedge funds have recently bought and sold shares of the stock. Cim Investment Management Inc. boosted its stake in shares of Silicon Laboratories by 7.5% during the second quarter. Cim Investment Management Inc. now owns 1,151 shares of the semiconductor company's stock valued at $252,000 after acquiring an additional 80 shares during the last quarter. HBK Investments L P acquired a new stake in shares of Silicon Laboratories during the 2nd quarter worth about $218,560,000. Sequoia Financial Advisors LLC boosted its stake in shares of Silicon Laboratories by 191.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,539 shares of the semiconductor company's stock worth $773,000 after purchasing an additional 2,324 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Silicon Laboratories by 99.1% during the second quarter. Tidal Investments LLC now owns 4,936 shares of the semiconductor company's stock worth $1,079,000 after buying an additional 2,457 shares in the last quarter. Finally, WINTON GROUP Ltd lifted its stake in shares of Silicon Laboratories by 2.4% during the second quarter. WINTON GROUP Ltd now owns 55,098 shares of the semiconductor company's stock valued at $12,042,000 after buying an additional 1,272 shares during the period.

Silicon Laboratories Company Profile

Silicon Laboratories Inc is a fabless semiconductor company focused on wireless connectivity solutions for the Internet of Things (IoT). The company develops technologies that enable connected devices to communicate, sense, and operate efficiently across residential, commercial, industrial, and consumer applications.

Its product portfolio includes wireless system-on-chips, microcontrollers, modules, sensors, development kits, software, and development tools. Silicon Labs supports technologies and protocols such as Bluetooth, Wi-Fi, Zigbee, Thread, Matter, and proprietary sub-GHz wireless communications.

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