Silicon Laboratories (NASDAQ:SLAB) Reaches New 1-Year High – Still a Buy?

Shares of Silicon Laboratories, Inc. (NASDAQ:SLAB) reached a new 52-week high on Thursday. The stock traded as high as $222.86 and last traded at $222.7540, with a volume of 57892 shares traded. The stock had previously closed at $221.58.

Analyst Ratings Changes

SLAB has been the topic of a number of recent research reports. Zacks Research lowered Silicon Laboratories from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Silicon Laboratories in a research report on Monday, September 21st. Five research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $218.00.

Silicon Laboratories Stock Performance

The firm’s 50-day simple moving average is $219.42 and its 200 day simple moving average is $216.71. The company has a market cap of $7.43 billion, a P/E ratio of -188.78 and a beta of 1.33.

Silicon Laboratories (NASDAQ:SLAB) last posted 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 business had revenue of $228.19 million for the quarter, compared to analyst estimates of $227.99 million. Silicon Laboratories had a negative return on equity of 0.66% and a negative net margin of 4.57%.The firm’s revenue was up 18.3% on a year-over-year basis. During the same period last year, the company earned $0.11 EPS. As a group, research analysts forecast that Silicon Laboratories, Inc. will post 0.52 earnings per share for the current year.

Institutional Trading of Silicon Laboratories

A number of institutional investors and hedge funds have recently modified their holdings of SLAB. Cim Investment Management Inc. grew its holdings in Silicon Laboratories by 7.5% during the second quarter. Cim Investment Management Inc. now owns 1,151 shares of the semiconductor company’s stock valued at $252,000 after purchasing an additional 80 shares during the period. HBK Investments L P acquired a new stake in Silicon Laboratories in the second quarter worth $218,560,000. Sequoia Financial Advisors LLC raised its holdings in Silicon Laboratories by 191.3% in the second quarter. Sequoia Financial Advisors LLC now owns 3,539 shares of the semiconductor company’s stock worth $773,000 after purchasing an additional 2,324 shares during the period. Tidal Investments LLC boosted its position in shares of Silicon Laboratories by 99.1% during the second quarter. Tidal Investments LLC now owns 4,936 shares of the semiconductor company’s stock worth $1,079,000 after purchasing an additional 2,457 shares in the last quarter. Finally, WINTON GROUP Ltd boosted its position in shares of Silicon Laboratories by 2.4% during the second quarter. WINTON GROUP Ltd now owns 55,098 shares of the semiconductor company’s stock worth $12,042,000 after purchasing an additional 1,272 shares in the last quarter.

Silicon Laboratories Company Profile

Silicon Laboratories Inc is a fabless semiconductor company focused on wireless connectivity solutions for the Internet of Things (IoT). The company develops technologies that enable connected devices to communicate, sense, and operate efficiently across residential, commercial, industrial, and consumer applications.

Its product portfolio includes wireless system-on-chips, microcontrollers, modules, sensors, development kits, software, and development tools. Silicon Labs supports technologies and protocols such as Bluetooth, Wi-Fi, Zigbee, Thread, Matter, and proprietary sub-GHz wireless communications.