Silicon Laboratories (NASDAQ:SLAB) Reaches New 1-Year High – Here’s Why

Silicon Laboratories, Inc. (NASDAQ:SLAB)’s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $222.49 and last traded at $220.4430, with a volume of 108346 shares traded. The stock had previously closed at $220.71.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SLAB shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Silicon Laboratories in a research note on Wednesday, June 24th. Zacks Research cut shares of Silicon Laboratories from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 18th. Five equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $218.00.

Silicon Laboratories Trading Down 0.2%

The firm has a market cap of $7.35 billion, a price-to-earnings ratio of -186.62 and a beta of 1.36. The business’s 50-day simple moving average is $218.28 and its two-hundred day simple moving average is $214.33.

Silicon Laboratories (NASDAQ:SLAB) last released its quarterly earnings results on Tuesday, August 11th. The semiconductor company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.02. The firm had revenue of $228.19 million during the quarter, compared to analyst estimates of $227.99 million. Silicon Laboratories had a negative net margin of 4.57% and a negative return on equity of 0.66%. The company’s revenue was up 18.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.11 EPS. On average, analysts forecast that Silicon Laboratories, Inc. will post 0.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silicon Laboratories

Several hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System grew its holdings in Silicon Laboratories by 21,812.4% during the 2nd quarter. California State Teachers Retirement System now owns 8,327,355 shares of the semiconductor company’s stock worth $1,820,027,000 after acquiring an additional 8,289,352 shares during the period. BlackRock Inc. bought a new position in shares of Silicon Laboratories in the 2nd quarter worth about $1,135,435,000. State Street Corp lifted its stake in shares of Silicon Laboratories by 0.5% in the 2nd quarter. State Street Corp now owns 1,517,813 shares of the semiconductor company’s stock valued at $223,665,000 after purchasing an additional 7,139 shares during the period. Invesco Ltd. boosted its position in shares of Silicon Laboratories by 12.9% during the 4th quarter. Invesco Ltd. now owns 852,493 shares of the semiconductor company’s stock valued at $111,421,000 after purchasing an additional 97,351 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Silicon Laboratories by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 824,771 shares of the semiconductor company’s stock valued at $107,814,000 after purchasing an additional 7,921 shares in the last quarter.

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.