Silicon Laboratories (NASDAQ:SLAB) Shares Gap Down Following Weak Earnings

Silicon Laboratories Inc. (NASDAQ:SLAB)’s stock price gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $125.41, but opened at $122.02. Silicon Laboratories shares last traded at $118.04, with a volume of 232,021 shares.

The semiconductor company reported ($1.34) EPS for the quarter, missing the consensus estimate of ($1.29) by ($0.05). Silicon Laboratories had a negative return on equity of 4.45% and a negative net margin of 16.36%. The business had revenue of $106.38 million for the quarter, compared to analyst estimates of $104.45 million.

Analyst Ratings Changes

SLAB has been the subject of several recent analyst reports. Benchmark reaffirmed a “hold” rating on shares of Silicon Laboratories in a research note on Thursday. Barclays decreased their target price on Silicon Laboratories from $140.00 to $120.00 and set an “equal weight” rating for the company in a research note on Thursday. StockNews.com cut Silicon Laboratories from a “hold” rating to a “sell” rating in a research note on Friday, December 29th. TD Cowen reduced 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. Finally, Needham & Company LLC raised Silicon Laboratories from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $135.00.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SLAB. Global Retirement Partners LLC lifted its holdings in shares of Silicon Laboratories by 31.7% in the third quarter. Global Retirement Partners LLC now owns 507 shares of the semiconductor company’s stock valued at $58,000 after purchasing an additional 122 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Silicon Laboratories in the third quarter valued at approximately $380,000. Raymond James & Associates lifted its holdings in shares of Silicon Laboratories by 14.2% in the third quarter. Raymond James & Associates now owns 79,046 shares of the semiconductor company’s stock valued at $9,161,000 after purchasing an additional 9,845 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Silicon Laboratories by 20.0% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 733 shares of the semiconductor company’s stock worth $85,000 after acquiring an additional 122 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Silicon Laboratories by 6.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,372 shares of the semiconductor company’s stock worth $738,000 after acquiring an additional 403 shares during the period.

Silicon Laboratories Trading Up 4.1 %

The stock has a fifty day moving average of $134.38 and a 200 day moving average of $122.12.

Silicon Laboratories Company Profile

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.