Silicon Laboratories (NASDAQ:SLAB) Posts Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Silicon Laboratories beat quarterly expectations: Earnings per share came in at $0.71 versus the $0.69 consensus estimate, while revenue of $228.19 million was slightly above forecasts.
• Shares rose to $218.94, near the company’s 52-week high of $220.90, giving Silicon Laboratories a market capitalization of approximately $7.22 billion.
• Analyst sentiment remains cautious: The stock has a consensus rating of “Reduce,” with five analysts at Hold and one at Sell, and an average price target of $218.00.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) issued its quarterly earnings results on Tuesday. The semiconductor company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.02, FiscalAI reports. The company had revenue of $228.19 million for the quarter, compared to the consensus estimate of $227.99 million. Silicon Laboratories had a negative net margin of 6.13% and a negative return on equity of 2.18%.

Silicon Laboratories Price Performance

Shares of SLAB traded up $0.51 during mid-day trading on Tuesday, hitting $218.94. The stock had a trading volume of 175,304 shares, compared to its average volume of 545,273. Silicon Laboratories has a 52 week low of $115.50 and a 52 week high of $220.90. The business has a fifty day moving average price of $218.30 and a 200-day moving average price of $208.36. The firm has a market cap of $7.22 billion, a P/E ratio of -143.10 and a beta of 1.37.

Insider Buying and Selling at Silicon Laboratories

In related news, CEO Robert Matthew Johnson sold 8,024 shares of Silicon Laboratories stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $216.83, for a total value of $1,739,843.92. Following the completion of the sale, the chief executive officer owned 80,519 shares of the company's stock, valued at approximately $17,458,934.77. This trade represents a 9.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Silicon Laboratories

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp lifted its stake in shares of Silicon Laboratories by 0.5% during the 2nd quarter. State Street Corp now owns 1,517,813 shares of the semiconductor company's stock valued at $223,665,000 after buying an additional 7,139 shares in the last quarter. Invesco Ltd. lifted its position in shares of Silicon Laboratories by 12.9% during the fourth quarter. Invesco Ltd. now owns 852,493 shares of the semiconductor company's stock worth $111,421,000 after acquiring an additional 97,351 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Silicon Laboratories by 89.5% during the third quarter. AQR Capital Management LLC now owns 701,919 shares of the semiconductor company's stock worth $91,109,000 after acquiring an additional 331,427 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Silicon Laboratories by 32.6% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 616,475 shares of the semiconductor company's stock worth $80,573,000 after acquiring an additional 151,664 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of Silicon Laboratories by 25.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 592,236 shares of the semiconductor company's stock valued at $77,405,000 after purchasing an additional 119,138 shares in the last quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Silicon Laboratories in a research report on Wednesday, June 24th. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $218.00.

About Silicon Laboratories

Silicon Laboratories NASDAQ: SLAB is a global semiconductor company that develops high-performance analog and mixed-signal integrated circuits, wireless system-on-chips (SoCs), microcontrollers, and radio frequency (RF) solutions. Its product portfolio is tailored to support the Internet of Things (IoT), infrastructure, industrial automation, consumer electronics, automotive, and energy markets. By combining silicon, software, and tools, Silicon Labs aims to accelerate development cycles and deliver low-power, highly integrated solutions that address demanding application requirements.

Founded in 1996 and headquartered in Austin, Texas, Silicon Labs has grown into a multinational organization with engineering and sales operations across North America, Europe, and Asia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source