Silicon Laboratories (NASDAQ:SLAB) Announces Earnings Results

Silicon Laboratories (NASDAQ:SLAB) released its quarterly earnings results on Wednesday. The semiconductor company reported ($1.34) EPS for the quarter, missing analysts’ consensus estimates of ($1.29) by ($0.05), reports. The company had revenue of $106.38 million during the quarter, compared to analysts’ expectations of $104.45 million. Silicon Laboratories had a negative return on equity of 4.45% and a negative net margin of 16.36%. Silicon Laboratories updated its Q2 guidance to ($0.58)-($0.70) EPS and its Q2 2024 guidance to -0.700–0.580 EPS.

Silicon Laboratories Trading Up 4.1 %

NASDAQ SLAB opened at $118.93 on Friday. Silicon Laboratories has a 12 month low of $74.56 and a 12 month high of $166.94. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of -35.93 and a beta of 1.27. The company’s 50 day moving average is $134.38 and its two-hundred day moving average is $122.12.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Barclays lowered their price objective on shares of Silicon Laboratories from $140.00 to $120.00 and set an “equal weight” rating for the company in a report on Thursday. JPMorgan Chase & Co. lowered their price target on shares of Silicon Laboratories from $165.00 to $150.00 and set an “overweight” rating for the company in a report on Thursday. Benchmark reiterated a “hold” rating on shares of Silicon Laboratories in a report on Thursday. Needham & Company LLC upgraded shares of Silicon Laboratories from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a report on Thursday. Finally, Citigroup lowered their price target on shares of Silicon Laboratories from $137.00 to $120.00 and set a “neutral” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $135.00.

Institutional Investors Weigh In On Silicon Laboratories

A number of institutional investors have recently added to or reduced their stakes in SLAB. Pathstone Holdings LLC purchased a new stake in Silicon Laboratories during the 4th quarter valued at approximately $58,205,000. Capital Research Global Investors grew its holdings in shares of Silicon Laboratories by 73.9% in the fourth quarter. Capital Research Global Investors now owns 937,939 shares of the semiconductor company’s stock valued at $124,061,000 after purchasing an additional 398,489 shares in the last quarter. Norges Bank purchased a new position in shares of Silicon Laboratories in the fourth quarter valued at $28,907,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Silicon Laboratories in the third quarter valued at $24,453,000. Finally, Vanguard Group Inc. grew its holdings in shares of Silicon Laboratories by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 3,464,163 shares of the semiconductor company’s stock valued at $458,205,000 after purchasing an additional 179,131 shares in the last quarter.

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.