Silicon Laboratories (NASDAQ:SLAB) Trading Up 6.4%

Silicon Laboratories Inc. (NASDAQ:SLAB) shares rose 6.4% on Thursday . The stock traded as high as $121.62 and last traded at $121.58. Approximately 77,753 shares traded hands during trading, a decline of 76% from the average daily volume of 319,983 shares. The stock had previously closed at $114.26.

Analyst Upgrades and Downgrades

A number of analysts have commented on SLAB shares. TD Cowen reduced their target price on Silicon Laboratories from $155.00 to $145.00 and set a “buy” rating for the company in a report on Thursday. Benchmark reissued a “hold” rating on shares of Silicon Laboratories in a research report on Thursday. Stifel Nicolaus raised their price target on shares of Silicon Laboratories from $136.00 to $155.00 and gave the company a “buy” rating in a report on Tuesday, January 2nd. StockNews.com downgraded shares of Silicon Laboratories from a “hold” rating to a “sell” rating in a research report on Friday, December 29th. Finally, Summit Insights downgraded shares of Silicon Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $138.50.

Silicon Laboratories Price Performance

The business has a 50-day simple moving average of $134.92 and a 200 day simple moving average of $122.17. The firm has a market cap of $3.79 billion, a PE ratio of -104.11 and a beta of 1.27.

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 company had revenue of $106.38 million during the quarter, compared to analysts’ expectations of $104.45 million. Silicon Laboratories had a positive return on equity of 0.97% and a negative net margin of 4.41%. On average, equities analysts forecast that Silicon Laboratories Inc. will post -1.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silicon Laboratories

A number of hedge funds have recently made changes to their positions in the business. Louisiana State Employees Retirement System boosted its stake in shares of Silicon Laboratories by 3.4% in the first quarter. Louisiana State Employees Retirement System now owns 9,200 shares of the semiconductor company’s stock worth $1,322,000 after acquiring an additional 300 shares during the period. Raymond James & Associates lifted its stake in shares of Silicon Laboratories by 14.5% in the 1st 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 last quarter. Berry Wealth Group LP bought a new stake in shares of Silicon Laboratories in the 1st quarter valued at approximately $201,000. State of Michigan Retirement System raised its holdings in shares of Silicon Laboratories by 2.6% in the first quarter. State of Michigan Retirement System now owns 7,797 shares of the semiconductor company’s stock worth $1,121,000 after buying an additional 200 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Silicon Laboratories by 12.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 62,397 shares of the semiconductor company’s stock worth $8,968,000 after buying 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.