Silicon Laboratories (NASDAQ:SLAB) Shares Gap Up on Better-Than-Expected Earnings

Shares of Silicon Laboratories Inc. (NASDAQ:SLAB) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $116.24, but opened at $121.30. Silicon Laboratories shares last traded at $113.78, with a volume of 74,097 shares changing hands.

The semiconductor company reported ($0.56) earnings per share for the quarter, beating the consensus estimate of ($0.64) by $0.08. Silicon Laboratories had a negative return on equity of 9.13% and a negative net margin of 36.53%. The company had revenue of $145.40 million for the quarter, compared to the consensus estimate of $140.18 million. During the same period in the previous year, the business earned $0.59 earnings per share. Silicon Laboratories’s quarterly revenue was down 40.6% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Benchmark restated a “hold” rating on shares of Silicon Laboratories in a research note on Thursday, April 25th. Citigroup decreased their price objective on shares of Silicon Laboratories from $137.00 to $120.00 and set a “neutral” rating on the stock in a research report on Thursday, April 25th. JPMorgan Chase & Co. dropped their target price on shares of Silicon Laboratories from $165.00 to $150.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Barclays decreased their price target on Silicon Laboratories from $140.00 to $120.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Finally, TD Cowen dropped their price objective on Silicon Laboratories from $155.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Silicon Laboratories has a consensus rating of “Hold” and an average target price of $135.00.

Insider Activity at Silicon Laboratories

In other Silicon Laboratories news, CEO Robert Matthew Johnson sold 7,230 shares of Silicon Laboratories stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $123.80, for a total value of $895,074.00. Following the sale, the chief executive officer now owns 47,910 shares of the company’s stock, valued at approximately $5,931,258. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.72% of the stock is owned by corporate insiders.

Institutional Trading of Silicon Laboratories

A number of large investors have recently made changes to their positions in the business. GAMMA Investing LLC purchased a new position in Silicon Laboratories in the fourth quarter worth about $36,000. Gladius Capital Management LP boosted its holdings in shares of Silicon Laboratories by 328.7% in the 4th quarter. Gladius Capital Management LP now owns 373 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 286 shares during the period. CWM LLC increased its position in shares of Silicon Laboratories by 78.1% during the 4th quarter. CWM LLC now owns 374 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 164 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in Silicon Laboratories during the 1st quarter valued at $55,000. Finally, Mather Group LLC. bought a new stake in Silicon Laboratories in the first quarter worth $63,000.

Silicon Laboratories Stock Up 1.0 %

The company has a market capitalization of $3.72 billion, a PE ratio of -35.23 and a beta of 1.20. The firm’s 50 day simple moving average is $118.70 and its 200 day simple moving average is $126.53.

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.