Silicon Laboratories (NASDAQ:SLAB) Sets New 1-Year High – Here’s Why

Shares of Silicon Laboratories, Inc. (NASDAQ:SLAB) reached a new 52-week high during mid-day trading on Thursday. The stock traded as high as $222.86 and last traded at $222.7540, with a volume of 57892 shares. The stock had previously closed at $221.58.

Analyst Ratings Changes

Several equities analysts recently commented on SLAB shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Silicon Laboratories in a research note on Monday, September 21st. Zacks Research downgraded shares of Silicon Laboratories from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 18th. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $218.00.

Silicon Laboratories Price Performance

The stock has a market cap of $7.42 billion, a PE ratio of -188.38 and a beta of 1.36. The stock has a 50-day simple moving average of $219.19 and a 200-day simple moving average of $216.53.

Silicon Laboratories (NASDAQ:SLAB) last released its quarterly earnings data 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. Silicon Laboratories had a negative return on equity of 0.66% and a negative net margin of 4.57%.The business had revenue of $228.19 million for the quarter, compared to analyst estimates of $227.99 million. During the same period in the previous year, the company posted $0.11 EPS. The company’s revenue was up 18.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Silicon Laboratories, Inc. will post 0.52 EPS for the current year.

Institutional Investors Weigh In On Silicon Laboratories

Institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System lifted its position in shares of Silicon Laboratories by 21.5% during the first quarter. California State Teachers Retirement System now owns 38,003 shares of the semiconductor company’s stock worth $7,910,000 after purchasing an additional 6,737 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of Silicon Laboratories by 43.6% in the second quarter. Hsbc Holdings PLC now owns 307,503 shares of the semiconductor company’s stock worth $67,455,000 after acquiring an additional 93,432 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Silicon Laboratories during the 2nd quarter worth approximately $5,431,000. BlackRock Inc. acquired a new position in shares of Silicon Laboratories in the 2nd quarter valued at approximately $1,135,435,000. Finally, HBK Investments L P purchased a new position in shares of Silicon Laboratories during the 2nd quarter valued at approximately $218,560,000.

Silicon Laboratories Company Profile

Silicon Laboratories Inc is a fabless semiconductor company focused on wireless connectivity solutions for the Internet of Things (IoT). The company develops technologies that enable connected devices to communicate, sense, and operate efficiently across residential, commercial, industrial, and consumer applications.

Its product portfolio includes wireless system-on-chips, microcontrollers, modules, sensors, development kits, software, and development tools. Silicon Labs supports technologies and protocols such as Bluetooth, Wi-Fi, Zigbee, Thread, Matter, and proprietary sub-GHz wireless communications.