Silicon Laboratories (NASDAQ:SLAB) Shares Gap Up Following Analyst Upgrade

Silicon Laboratories Inc. (NASDAQ:SLAB)’s share price gapped up before the market opened on Wednesday after Needham & Company LLC raised their price target on the stock from $140.00 to $150.00. The stock had previously closed at $136.60, but opened at $141.58. Needham & Company LLC currently has a buy rating on the stock. Silicon Laboratories shares last traded at $141.97, with a volume of 31,547 shares.

A number of other research analysts have also recently issued reports on the company. Benchmark raised Silicon Laboratories from a “hold” rating to a “buy” rating and set a $160.00 target price for the company in a research note on Wednesday. StockNews.com raised Silicon Laboratories to a “sell” rating in a research note on Friday, November 8th. Barclays boosted their price target on Silicon Laboratories from $75.00 to $120.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. 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. Finally, Stifel Nicolaus boosted their price target on Silicon Laboratories from $135.00 to $145.00 and gave the company a “buy” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Silicon Laboratories currently has a consensus rating of “Hold” and a consensus price target of $136.20.

Insider Buying and Selling

In other Silicon Laboratories news, Director William G. Bock sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $140.77, for a total transaction of $281,540.00. Following the transaction, the director now owns 32,115 shares of the company’s stock, valued at $4,520,828.55. The trade was a 5.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.72% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Silicon Laboratories

A number of institutional investors have recently bought and sold shares of SLAB. Pacer Advisors Inc. grew its position in Silicon Laboratories by 1.8% during the fourth quarter. Pacer Advisors Inc. now owns 4,839 shares of the semiconductor company’s stock worth $601,000 after buying an additional 87 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of Silicon Laboratories by 1.1% in the 4th quarter. Louisiana State Employees Retirement System now owns 9,000 shares of the semiconductor company’s stock valued at $1,118,000 after acquiring an additional 100 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of Silicon Laboratories by 1.4% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 7,169 shares of the semiconductor company’s stock valued at $891,000 after acquiring an additional 102 shares during the last quarter. Procyon Advisors LLC lifted its stake in shares of Silicon Laboratories by 4.4% in the 4th quarter. Procyon Advisors LLC now owns 3,176 shares of the semiconductor company’s stock valued at $395,000 after acquiring an additional 133 shares during the last quarter. Finally, Truist Financial Corp raised its position in Silicon Laboratories by 0.7% during the 4th quarter. Truist Financial Corp now owns 21,699 shares of the semiconductor company’s stock worth $2,695,000 after purchasing an additional 151 shares during the last quarter.

Silicon Laboratories Trading Up 4.3 %

The firm has a market capitalization of $4.62 billion, a P/E ratio of -19.18 and a beta of 1.16. The company has a 50-day moving average of $127.54 and a 200-day moving average of $116.52.

Silicon Laboratories (NASDAQ:SLAB) last issued its earnings results on Tuesday, February 4th. The semiconductor company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $166.25 million during the quarter, compared to the consensus estimate of $166.09 million. Silicon Laboratories had a negative return on equity of 12.60% and a negative net margin of 46.93%. The firm’s revenue for the quarter was up 91.4% compared to the same quarter last year. During the same period last year, the business posted ($1.19) EPS. Research analysts predict that Silicon Laboratories Inc. will post -3.56 EPS for the current year.

Silicon Laboratories Company Profile

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.