Silicon Laboratories (NASDAQ:SLAB) Shares Break Above 200 Day Moving Average - Here's Why

Key Points

• Silicon Laboratories shares rose above their 200-day moving average, reaching $221.58 and last trading at $221.17, compared with the $216.40 long-term average.
• Analysts remain cautious: the stock carries a consensus “Reduce” rating and a $218 price target, with five Hold ratings and two Sell ratings.
• The company exceeded quarterly expectations, reporting $0.71 in EPS versus $0.69 expected and $228.19 million in revenue; revenue increased 18.3% year over year, although net margin remained negative.

Silicon Laboratories, Inc. (NASDAQ:SLAB - Get Free Report) shares crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $216.40 and traded as high as $221.58. Silicon Laboratories shares last traded at $221.17, with a volume of 326,238 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently commented on SLAB. Weiss Ratings restated a "sell (d-)" rating on shares of Silicon Laboratories in a report on Monday, September 21st. Zacks Research cut shares of Silicon Laboratories from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 18th. Five investment 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, the company currently has a consensus rating of "Reduce" and a consensus price target of $218.00.

Silicon Laboratories Trading Up 0.1%

The company's 50 day moving average is $219.10 and its 200-day moving average is $216.40. The company has a market capitalization of $7.38 billion, a P/E ratio of -187.43 and a beta of 1.36.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $228.19 million for the quarter, compared to analyst estimates of $227.99 million. Silicon Laboratories had a negative net margin of 4.57% and a negative return on equity of 0.66%. Silicon Laboratories's quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.11 earnings per share. Analysts predict that Silicon Laboratories, Inc. will post 0.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLAB. Cim Investment Management Inc. raised its stake in 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 buying an additional 80 shares during the last quarter. HBK Investments L P bought a new position in shares of Silicon Laboratories during the second quarter valued at $218,560,000. Sequoia Financial Advisors LLC increased its holdings in shares of Silicon Laboratories by 191.3% during the second quarter. Sequoia Financial Advisors LLC now owns 3,539 shares of the semiconductor company's stock valued at $773,000 after acquiring an additional 2,324 shares in the last quarter. Tidal Investments LLC raised its position in shares of Silicon Laboratories by 99.1% in the 2nd quarter. Tidal Investments LLC now owns 4,936 shares of the semiconductor company's stock worth $1,079,000 after purchasing an additional 2,457 shares during the last quarter. Finally, WINTON GROUP Ltd raised its position in shares of Silicon Laboratories by 2.4% in the 2nd quarter. WINTON GROUP Ltd now owns 55,098 shares of the semiconductor company's stock worth $12,042,000 after purchasing an additional 1,272 shares during the last quarter.

Silicon Laboratories Company 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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