Silicon Laboratories (NASDAQ:SLAB) Hits New 52-Week High – Here’s Why

Silicon Laboratories, Inc. (NASDAQ:SLAB)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $219.17 and last traded at $218.86, with a volume of 393845 shares trading hands. The stock had previously closed at $217.50.

Analyst Upgrades and Downgrades

A number of research firms have commented on SLAB. Citigroup increased their price target on Silicon Laboratories from $135.00 to $231.00 and gave the company a “neutral” rating in a research note on Friday, February 6th. Royal Bank Of Canada upped their price objective on shares of Silicon Laboratories from $160.00 to $205.00 and gave the company a “sector perform” rating in a report on Thursday, February 5th. Benchmark lowered shares of Silicon Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, February 4th. Needham & Company LLC cut shares of Silicon Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, February 4th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Silicon Laboratories in a research report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Silicon Laboratories presently has an average rating of “Hold” and an average target price of $170.00.

Silicon Laboratories Stock Performance

The stock has a 50 day moving average of $212.24 and a 200-day moving average of $175.75. The company has a market cap of $7.22 billion, a PE ratio of -143.17 and a beta of 1.40.

Silicon Laboratories (NASDAQ:SLAB) last posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.04. Silicon Laboratories had a negative return on equity of 2.18% and a negative net margin of 6.13%.The business had revenue of $213.50 million for the quarter, compared to the consensus estimate of $214.02 million. During the same quarter in the previous year, the business earned ($0.08) EPS. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. Equities research analysts forecast that Silicon Laboratories, Inc. will post 0.74 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert Matthew Johnson sold 8,024 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $216.83, for a total value of $1,739,843.92. Following the transaction, the chief executive officer owned 80,519 shares in the company, valued at approximately $17,458,934.77. This represents a 9.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Silicon Laboratories

Several large investors have recently made changes to their positions in the business. AQR Capital Management LLC raised its holdings in shares of Silicon Laboratories by 43.7% during the first quarter. AQR Capital Management LLC now owns 17,892 shares of the semiconductor company’s stock worth $2,001,000 after purchasing an additional 5,439 shares during the last quarter. Millennium Management LLC grew its position in Silicon Laboratories by 2,804.1% during the 1st quarter. Millennium Management LLC now owns 99,842 shares of the semiconductor company’s stock worth $11,239,000 after purchasing an additional 96,404 shares during the period. Jones Financial Companies Lllp grew its position in Silicon Laboratories by 121.4% during the 1st quarter. Jones Financial Companies Lllp now owns 496 shares of the semiconductor company’s stock worth $56,000 after purchasing an additional 272 shares during the period. United Services Automobile Association purchased a new position in shares of Silicon Laboratories during the 1st quarter valued at about $235,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Silicon Laboratories by 1.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 97,156 shares of the semiconductor company’s stock valued at $10,937,000 after buying an additional 1,679 shares during the last quarter.

Silicon Laboratories Company Profile

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.