First Trust Advisors LP Buys 6,844 Shares of Silicon Laboratories, Inc. $SLAB

First Trust Advisors LP lifted its stake in shares of Silicon Laboratories, Inc. (NASDAQ:SLAB) by 22.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,839 shares of the semiconductor company’s stock after purchasing an additional 6,844 shares during the period. First Trust Advisors LP’s holdings in Silicon Laboratories were worth $7,876,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SLAB. Norges Bank bought a new position in Silicon Laboratories in the 4th quarter worth approximately $56,008,000. Thrivent Financial for Lutherans boosted its position in Silicon Laboratories by 312.9% in the 4th quarter. Thrivent Financial for Lutherans now owns 467,958 shares of the semiconductor company’s stock valued at $61,162,000 after buying an additional 354,621 shares during the last quarter. AQR Capital Management LLC boosted its position in Silicon Laboratories by 1,970.7% in the 2nd quarter. AQR Capital Management LLC now owns 370,492 shares of the semiconductor company’s stock valued at $54,516,000 after buying an additional 352,600 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Silicon Laboratories by 59.9% in the 4th quarter. Westfield Capital Management Co. LP now owns 547,403 shares of the semiconductor company’s stock valued at $71,546,000 after buying an additional 205,093 shares during the period. Finally, Hsbc Holdings PLC raised its position in shares of Silicon Laboratories by 1,752.1% during the first quarter. Hsbc Holdings PLC now owns 214,071 shares of the semiconductor company’s stock worth $44,358,000 after acquiring an additional 202,513 shares during the last quarter.

Silicon Laboratories Price Performance

SLAB opened at $217.50 on Friday. The firm has a 50 day simple moving average of $218.26 and a 200 day simple moving average of $204.98. Silicon Laboratories, Inc. has a fifty-two week low of $115.50 and a fifty-two week high of $220.90. The company has a market cap of $7.17 billion, a price-to-earnings ratio of -142.16 and a beta of 1.36.

Silicon Laboratories (NASDAQ:SLAB) last announced its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. Silicon Laboratories had a negative net margin of 6.13% and a negative return on equity of 2.18%. The firm had revenue of $213.50 million for the quarter, compared to analysts’ expectations of $214.02 million. During the same period last year, the firm earned ($0.08) earnings per share. The business’s revenue for the quarter was up 20.1% on a year-over-year basis. As a group, analysts expect that Silicon Laboratories, Inc. will post 0.74 EPS for the current year.

Insider Buying and Selling at Silicon Laboratories

In other news, CEO Robert Matthew Johnson sold 8,024 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer directly owned 80,519 shares in the company, valued at $17,458,934.77. This trade represents a 9.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Silicon Laboratories in a research note on Wednesday, June 24th. Seven equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $177.50.

Silicon Laboratories 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.