Point72 Asset Management L.P. Takes Position in Silicon Laboratories Inc. (NASDAQ:SLAB)

Point72 Asset Management L.P. purchased a new stake in shares of Silicon Laboratories Inc. (NASDAQ:SLAB) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 64,103 shares of the semiconductor company’s stock, valued at approximately $7,408,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. FMR LLC increased 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 valued at $559,748,000 after purchasing an additional 54,708 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Silicon Laboratories by 2.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 639,065 shares of the semiconductor company’s stock valued at $70,699,000 after purchasing an additional 12,680 shares during the last quarter. Van Berkom & Associates Inc. increased its position in shares of Silicon Laboratories by 8.4% during the 2nd quarter. Van Berkom & Associates Inc. now owns 609,232 shares of the semiconductor company’s stock valued at $67,399,000 after purchasing an additional 47,058 shares during the last quarter. Federated Hermes Inc. increased its position in shares of Silicon Laboratories by 2.2% during the 2nd quarter. Federated Hermes Inc. now owns 545,833 shares of the semiconductor company’s stock valued at $60,386,000 after purchasing an additional 11,981 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Silicon Laboratories by 10.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 358,994 shares of the semiconductor company’s stock worth $39,715,000 after acquiring an additional 33,210 shares in the last quarter.

Silicon Laboratories Price Performance

SLAB stock opened at $116.41 on Friday. Silicon Laboratories Inc. has a 1-year low of $94.00 and a 1-year high of $154.91. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of -15.73 and a beta of 1.21. The business has a 50 day simple moving average of $110.76 and a two-hundred day simple moving average of $112.88.

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on SLAB. KeyCorp reduced their target price on shares of Silicon Laboratories from $150.00 to $115.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. JPMorgan Chase & Co. reduced their target price on shares of Silicon Laboratories from $150.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Morgan Stanley reduced their target price on shares of Silicon Laboratories from $123.00 to $97.00 and set an “equal weight” rating for the company in a report on Tuesday, November 5th. Stifel Nicolaus reduced their target price on shares of Silicon Laboratories from $160.00 to $135.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Finally, Benchmark reissued a “hold” rating on shares of Silicon Laboratories in a report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Silicon Laboratories presently has a consensus rating of “Hold” and an average price target of $121.50.

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.