Silicon Laboratories, Inc. (SLAB) Stock Price Up 11% After Earnings Beat

Silicon Laboratories, Inc. (NASDAQ:SLAB) shares rose 11% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $77.50 and last traded at $77.20, with a volume of 784,991 shares trading hands. The stock had previously closed at $69.55.

The semiconductor company reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.08. Silicon Laboratories had a net margin of 9.95% and a return on equity of 11.36%. The business had revenue of $190.10 million for the quarter, compared to analyst estimates of $186.46 million. During the same quarter in the previous year, the business earned $0.75 earnings per share. The firm’s revenue was up 8.7% compared to the same quarter last year.

SLAB has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Silicon Laboratories from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 5th. DA Davidson boosted their price target on shares of Silicon Laboratories from $80.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. B. Riley restated a “buy” rating and set a $81.00 price target on shares of Silicon Laboratories in a report on Wednesday, April 26th. Canaccord Genuity restated a “buy” rating and set a $83.00 price target on shares of Silicon Laboratories in a report on Thursday, April 27th. Finally, Drexel Hamilton restated a “buy” rating and set a $85.00 price target (up previously from $80.00) on shares of Silicon Laboratories in a report on Saturday, April 29th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $77.91.

In related news, CEO George Tyson Tuttle sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $74.89, for a total transaction of $5,616,750.00. Following the transaction, the chief executive officer now directly owns 208,592 shares of the company’s stock, valued at $15,621,454.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William G. Bock sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $75.45, for a total transaction of $188,625.00. Following the transaction, the director now directly owns 48,426 shares in the company, valued at $3,653,741.70. The disclosure for this sale can be found here. Insiders have sold 125,326 shares of company stock worth $9,207,087 over the last ninety days. 34.82% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC increased its position in shares of Silicon Laboratories by 1.3% in the first quarter. FMR LLC now owns 6,343,205 shares of the semiconductor company’s stock worth $466,543,000 after buying an additional 81,038 shares during the last quarter. BlackRock Inc. increased its position in shares of Silicon Laboratories by 25,072.0% in the first quarter. BlackRock Inc. now owns 4,558,402 shares of the semiconductor company’s stock worth $335,271,000 after buying an additional 4,540,293 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Silicon Laboratories by 5.1% in the first quarter. Vanguard Group Inc. now owns 3,292,023 shares of the semiconductor company’s stock worth $242,129,000 after buying an additional 160,997 shares during the last quarter. State Street Corp increased its position in shares of Silicon Laboratories by 4.1% in the first quarter. State Street Corp now owns 1,446,066 shares of the semiconductor company’s stock worth $106,361,000 after buying an additional 56,814 shares during the last quarter. Finally, Van Berkom & Associates Inc. increased its stake in Silicon Laboratories by 0.4% in the second quarter. Van Berkom & Associates Inc. now owns 795,541 shares of the semiconductor company’s stock valued at $54,375,000 after buying an additional 3,090 shares in the last quarter. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

The company has a 50 day moving average of $70.61 and a 200-day moving average of $71.12. The firm has a market capitalization of $3.23 billion, a P/E ratio of 45.71 and a beta of 1.23.

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Silicon Laboratories Company Profile

Silicon Laboratories Inc is a provider of silicon, software and solutions for the Internet of Things (IoT), Internet infrastructure, industrial, consumer and automotive markets. The Company operates through mixed-signal analog intensive products segment. It provides analog-intensive, mixed-signal solutions for use in a range of electronic products in various applications for the IoT market.