Silicon Laboratories (NASDAQ:SLAB) Raised to “Buy” at Needham & Company LLC

Needham & Company LLC upgraded shares of Silicon Laboratories (NASDAQ:SLAB) from a hold rating to a buy rating in a research report report published on Thursday morning, MarketBeat Ratings reports. They currently have $150.00 target price on the semiconductor company’s stock.

A number of other equities analysts have also commented on the stock. Summit Insights lowered shares of Silicon Laboratories from a buy rating to a hold rating in a report on Wednesday. StockNews.com lowered shares of Silicon Laboratories from a hold rating to a sell rating in a report on Friday, December 29th. TD Cowen lifted their price target on shares of Silicon Laboratories from $140.00 to $155.00 and gave the stock an outperform rating in a report on Thursday, February 8th. Stifel Nicolaus lifted their price target on shares of Silicon Laboratories from $136.00 to $155.00 and gave the stock a buy rating in a report on Tuesday, January 2nd. Finally, Barclays boosted their target price on shares of Silicon Laboratories from $120.00 to $140.00 and gave the company an equal weight rating in a report on Thursday, February 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $135.00.

Silicon Laboratories Stock Performance

NASDAQ SLAB opened at $122.13 on Thursday. The firm’s fifty day moving average price is $133.57 and its two-hundred day moving average price is $122.19. The stock has a market cap of $3.90 billion, a PE ratio of -36.90 and a beta of 1.27. Silicon Laboratories has a fifty-two week low of $74.56 and a fifty-two week high of $166.94.

Silicon Laboratories (NASDAQ:SLAB) last issued its quarterly earnings results on Wednesday, April 24th. The semiconductor company reported ($1.34) EPS for the quarter, missing analysts’ consensus estimates of ($1.29) by ($0.05). The business had revenue of $106.38 million for the quarter, compared to analyst estimates of $104.45 million. Silicon Laboratories had a negative return on equity of 4.45% and a negative net margin of 16.36%. As a group, sell-side analysts predict that Silicon Laboratories will post -1.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silicon Laboratories

Several hedge funds and other institutional investors have recently bought and sold shares of SLAB. Louisiana State Employees Retirement System raised its holdings in shares of Silicon Laboratories by 3.4% during the first quarter. Louisiana State Employees Retirement System now owns 9,200 shares of the semiconductor company’s stock valued at $1,322,000 after purchasing an additional 300 shares during the period. Raymond James & Associates raised its holdings in shares of Silicon Laboratories by 14.5% during the first quarter. Raymond James & Associates now owns 91,168 shares of the semiconductor company’s stock valued at $13,103,000 after purchasing an additional 11,548 shares during the period. Berry Wealth Group LP acquired a new position in shares of Silicon Laboratories during the first quarter valued at about $201,000. State of Michigan Retirement System raised its holdings in shares of Silicon Laboratories by 2.6% during the first quarter. State of Michigan Retirement System now owns 7,797 shares of the semiconductor company’s stock valued at $1,121,000 after purchasing an additional 200 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Silicon Laboratories by 12.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 62,397 shares of the semiconductor company’s stock valued at $8,968,000 after purchasing an additional 7,081 shares during the period.

About Silicon Laboratories

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.