Short Interest in Silicon Laboratories, Inc. (NASDAQ:SLAB) Drops By 22.0%

Silicon Laboratories, Inc. (NASDAQ:SLAB) saw a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 1,301,074 shares, a drop of 22.0% from the February 26th total of 1,668,917 shares. Based on an average daily volume of 760,600 shares, the days-to-cover ratio is currently 1.7 days. Currently, 4.0% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Silicon Laboratories in a report on Friday. Royal Bank Of Canada increased their target price on Silicon Laboratories from $160.00 to $205.00 and gave the company a “sector perform” rating in a report on Thursday, February 5th. Citigroup raised their target price on Silicon Laboratories from $135.00 to $231.00 and gave the stock a “neutral” rating in a research report on Friday, February 6th. KeyCorp downgraded Silicon Laboratories from an “overweight” rating to a “hold” rating in a research note on Wednesday, February 4th. Finally, Benchmark lowered shares of Silicon Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, February 4th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $167.78.

Insider Buying and Selling

In other Silicon Laboratories news, Director Nina Richardson sold 1,355 shares of Silicon Laboratories stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $149.00, for a total value of $201,895.00. Following the completion of the sale, the director owned 8,543 shares of the company’s stock, valued at approximately $1,272,907. The trade was a 13.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Silicon Laboratories

A number of hedge funds have recently modified their holdings of SLAB. Kestra Advisory Services LLC bought a new stake in shares of Silicon Laboratories during the 4th quarter valued at $32,000. First Horizon Corp purchased a new stake in Silicon Laboratories in the 3rd quarter worth $35,000. EverSource Wealth Advisors LLC raised its holdings in Silicon Laboratories by 45.7% during the third quarter. EverSource Wealth Advisors LLC now owns 274 shares of the semiconductor company’s stock valued at $36,000 after acquiring an additional 86 shares during the period. UMB Bank n.a. raised its holdings in Silicon Laboratories by 43.9% during the third quarter. UMB Bank n.a. now owns 282 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 86 shares during the period. Finally, Covestor Ltd lifted its position in shares of Silicon Laboratories by 260.3% in the fourth quarter. Covestor Ltd now owns 281 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 203 shares in the last quarter.

Silicon Laboratories Stock Up 0.8%

SLAB traded up $1.74 during midday trading on Tuesday, reaching $207.59. The company had a trading volume of 151,480 shares, compared to its average volume of 755,157. The business has a 50-day moving average of $191.72 and a two-hundred day moving average of $154.08. Silicon Laboratories has a 1 year low of $82.82 and a 1 year high of $208.84. The company has a market cap of $6.84 billion, a P/E ratio of -104.27 and a beta of 1.45.

Silicon Laboratories (NASDAQ:SLAB) last posted its quarterly earnings data on Wednesday, February 4th. The semiconductor company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.02. The firm had revenue of $208.21 million for the quarter, compared to analysts’ expectations of $207.63 million. Silicon Laboratories had a negative return on equity of 4.07% and a negative net margin of 8.27%.The business’s quarterly revenue was up 25.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.11) EPS. On average, equities research analysts predict that Silicon Laboratories will post -0.97 EPS for the current year.

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.