State Street Corp Decreases Stock Position in Silicon Laboratories Inc. (NASDAQ:SLAB)

State Street Corp lessened its holdings in shares of Silicon Laboratories Inc. (NASDAQ:SLAB) by 2.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,565,054 shares of the semiconductor company’s stock after selling 43,498 shares during the quarter. State Street Corp owned 4.82% of Silicon Laboratories worth $180,873,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Clearbridge Investments LLC lifted its position in shares of Silicon Laboratories by 84.0% during the second quarter. Clearbridge Investments LLC now owns 273,776 shares of the semiconductor company’s stock worth $30,288,000 after purchasing an additional 125,022 shares during the last quarter. American Century Companies Inc. increased its position in Silicon Laboratories by 29.5% in the 2nd quarter. American Century Companies Inc. now owns 316,407 shares of the semiconductor company’s stock valued at $35,004,000 after acquiring an additional 72,138 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Silicon Laboratories during the third quarter valued at about $7,408,000. FMR LLC raised its position in shares of Silicon Laboratories by 1.1% during the 3rd quarter. FMR LLC now owns 4,843,370 shares of the semiconductor company’s stock worth $559,748,000 after buying an additional 54,708 shares in the last quarter. Finally, Van Berkom & Associates Inc. lifted its position in Silicon Laboratories by 8.4% in the second quarter. Van Berkom & Associates Inc. now owns 609,232 shares of the semiconductor company’s stock worth $67,399,000 after purchasing an additional 47,058 shares during the period.

Analysts Set New Price Targets

Several brokerages have commented on SLAB. Benchmark reiterated a “hold” rating on shares of Silicon Laboratories in a research report on Tuesday, November 5th. Stifel Nicolaus decreased their price objective on shares of Silicon Laboratories from $160.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. JPMorgan Chase & Co. decreased their target price on Silicon Laboratories from $150.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Morgan Stanley decreased their price objective on Silicon Laboratories from $123.00 to $97.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Finally, Barclays lowered their price target on shares of Silicon Laboratories from $120.00 to $75.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $121.50.

Silicon Laboratories Stock Down 0.4 %

Shares of Silicon Laboratories stock opened at $128.63 on Friday. Silicon Laboratories Inc. has a 12-month low of $94.00 and a 12-month high of $154.91. The stock has a market capitalization of $4.17 billion, a P/E ratio of -17.38 and a beta of 1.21. The stock has a 50 day moving average price of $111.73 and a two-hundred day moving average price of $112.97.

Silicon Laboratories (NASDAQ:SLAB) last released its quarterly earnings results on Monday, November 4th. The semiconductor company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.07. Silicon Laboratories had a negative net margin of 46.93% and a negative return on equity of 12.60%. The company had revenue of $166.00 million during the quarter, compared to analysts’ expectations of $165.50 million. During the same period in the prior year, the company earned $0.48 earnings per share. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. Sell-side analysts anticipate that Silicon Laboratories Inc. will post -3.56 earnings per share for the current year.

Silicon Laboratories Company Profile

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.