Silicon Laboratories (NASDAQ:SLAB) Shares Gap Down - Here's What Happened

Silicon Laboratories Inc. (NASDAQ:SLAB - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $102.62, but opened at $99.40. Silicon Laboratories shares last traded at $102.62, with a volume of 14,534 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SLAB shares. Benchmark reissued a "buy" rating and issued a $160.00 price target on shares of Silicon Laboratories in a report on Wednesday, March 12th. KeyCorp boosted their price target on Silicon Laboratories from $115.00 to $160.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Barclays dropped their price objective on Silicon Laboratories from $120.00 to $80.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. Needham & Company LLC reissued a "buy" rating and set a $150.00 target price on shares of Silicon Laboratories in a research note on Wednesday, March 12th. Finally, StockNews.com lowered Silicon Laboratories from a "hold" rating to a "sell" rating in a research note on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $129.00.

Silicon Laboratories Trading Up 3.7 %

The company has a market cap of $3.48 billion, a PE ratio of -18.06 and a beta of 1.33. The stock has a 50 day moving average price of $111.68 and a 200 day moving average price of $120.63.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The business had revenue of $166.25 million during the quarter, compared to analyst estimates of $166.09 million. Silicon Laboratories had a negative return on equity of 10.46% and a negative net margin of 32.69%. The company's revenue for the quarter was up 91.4% on a year-over-year basis. During the same quarter last year, the firm posted ($1.19) earnings per share. Equities analysts expect that Silicon Laboratories Inc. will post -0.97 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Navdeep S. Sooch sold 2,360 shares of Silicon Laboratories stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $149.00, for a total transaction of $351,640.00. Following the completion of the transaction, the director now directly owns 400,567 shares in the company, valued at approximately $59,684,483. This trade represents a 0.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William G. Bock sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $149.43, for a total value of $149,430.00. Following the completion of the sale, the director now owns 31,115 shares in the company, valued at $4,649,514.45. The trade was a 3.11 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Silicon Laboratories

Institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC grew its position in Silicon Laboratories by 23.4% during the 3rd quarter. Barclays PLC now owns 70,568 shares of the semiconductor company's stock valued at $8,157,000 after purchasing an additional 13,363 shares during the last quarter. Tidal Investments LLC bought a new position in shares of Silicon Laboratories in the third quarter worth approximately $520,000. Franklin Resources Inc. grew its holdings in shares of Silicon Laboratories by 1.9% during the third quarter. Franklin Resources Inc. now owns 231,889 shares of the semiconductor company's stock valued at $27,001,000 after buying an additional 4,278 shares during the last quarter. Oddo BHF Asset Management Sas purchased a new position in Silicon Laboratories in the 3rd quarter worth approximately $694,000. Finally, Park Avenue Securities LLC bought a new position in Silicon Laboratories in the 4th quarter valued at approximately $268,000.

About Silicon Laboratories

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.