Silicon Laboratories (NASDAQ:SLAB) Hits New 52-Week High – Here’s Why

Silicon Laboratories, Inc. (NASDAQ:SLAB)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $219.17 and last traded at $218.86, with a volume of 393845 shares. The stock had previously closed at $217.50.

Analyst Ratings Changes

Several equities research analysts have commented on SLAB shares. KeyCorp lowered Silicon Laboratories from an “overweight” rating to a “hold” rating in a research report on Wednesday, February 4th. Needham & Company LLC lowered shares of Silicon Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, February 4th. Citigroup boosted their target price on shares of Silicon Laboratories from $135.00 to $231.00 and gave the company a “neutral” rating in a research note on Friday, February 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Silicon Laboratories in a report on Friday, March 27th. Finally, Benchmark cut shares of Silicon Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, February 4th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $170.00.

Silicon Laboratories Stock Up 0.7%

The business has a 50-day simple moving average of $212.24 and a 200-day simple moving average of $175.75. The company has a market cap of $7.22 billion, a PE ratio of -143.17 and a beta of 1.40.

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

Insider Buying and Selling

In related news, CEO Robert Matthew Johnson sold 8,024 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $216.83, for a total value of $1,739,843.92. Following the completion of the sale, the chief executive officer owned 80,519 shares of the company’s stock, valued at approximately $17,458,934.77. The trade was a 9.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.60% of the company’s stock.

Institutional Trading of Silicon Laboratories

A number of institutional investors and hedge funds have recently modified their holdings of SLAB. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in shares of Silicon Laboratories during the third quarter worth approximately $1,192,000. Azzad Asset Management Inc. ADV purchased a new position in Silicon Laboratories in the 3rd quarter valued at $924,000. Thrivent Financial for Lutherans boosted its stake in Silicon Laboratories by 109.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 113,337 shares of the semiconductor company’s stock worth $14,862,000 after purchasing an additional 59,207 shares during the last quarter. Tudor Investment Corp ET AL acquired a new stake in Silicon Laboratories during the 3rd quarter worth $4,718,000. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Silicon Laboratories during the third quarter worth $1,577,000.

About Silicon Laboratories

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.