Zacks Research Downgrades Silicon Laboratories (NASDAQ:SLAB) to Strong Sell

Key Points

• Zacks Research downgraded Silicon Laboratories from “hold” to “strong sell,” while Weiss Ratings maintained a “sell (D-)” rating. The stock has a consensus “Reduce” rating and a $218 price target.
• Silicon Laboratories opened at $218.92, near its 52-week high of $220.90, with a market capitalization of approximately $7.31 billion.
• The company exceeded quarterly expectations, reporting $0.71 in earnings per share versus $0.69 expected and revenue of $228.19 million, up 18.3% year over year.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Tuesday,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Silicon Laboratories in a research note on Wednesday, June 24th. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $218.00.

Silicon Laboratories Price Performance

SLAB opened at $218.92 on Tuesday. The company has a market cap of $7.31 billion, a price-to-earnings ratio of -185.53 and a beta of 1.37. The firm has a 50 day simple moving average of $218.34 and a 200 day simple moving average of $211.96. Silicon Laboratories has a fifty-two week low of $115.50 and a fifty-two week high of $220.90.

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

Institutional Investors Weigh In On Silicon Laboratories

A number of institutional investors have recently made changes to their positions in the company. Harbor Investment Advisory LLC bought a new stake in shares of Silicon Laboratories during the 2nd quarter valued at $28,000. Kestra Advisory Services LLC bought a new position in shares of Silicon Laboratories in the fourth quarter worth $32,000. Covestor Ltd increased its position in shares of Silicon Laboratories by 260.3% in the fourth quarter. Covestor Ltd now owns 281 shares of the semiconductor company's stock worth $37,000 after purchasing an additional 203 shares during the period. Allworth Financial LP acquired a new position in Silicon Laboratories in the second quarter valued at about $42,000. Finally, Kemnay Advisory Services Inc. acquired a new position in Silicon Laboratories in the fourth quarter valued at about $44,000.

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.

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