Silicon Laboratories (NASDAQ:SLAB) Stock Rating Upgraded by Needham & Company LLC

Silicon Laboratories (NASDAQ:SLAB) was upgraded by research analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, MarketBeat reports. The firm currently has a $150.00 target price on the semiconductor company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 22.82% from the company’s previous close.

Other equities research analysts have also issued reports about the company. StockNews.com lowered Silicon Laboratories from a “hold” rating to a “sell” rating in a research report on Friday, December 29th. Summit Insights lowered Silicon Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday. TD Cowen increased their price target on Silicon Laboratories from $140.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday, February 8th. JPMorgan Chase & Co. boosted their price objective on shares of Silicon Laboratories from $145.00 to $165.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. Finally, Stifel Nicolaus raised their target price on shares of Silicon Laboratories from $136.00 to $155.00 and gave the company a “buy” rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $135.00.

Silicon Laboratories Stock Performance

Shares of NASDAQ:SLAB opened at $122.13 on Thursday. The firm has a 50 day simple moving average of $133.57 and a 200 day simple moving average of $122.15. Silicon Laboratories has a 52 week low of $74.56 and a 52 week high of $166.94. The company has a market cap of $3.90 billion, a PE ratio of -36.90 and a beta of 1.27.

Silicon Laboratories (NASDAQ:SLAB) last announced its earnings results on Wednesday, April 24th. The semiconductor company reported ($1.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.29) by ($0.05). The firm had revenue of $106.38 million for the quarter, compared to analyst estimates of $104.45 million. Silicon Laboratories had a negative net margin of 16.36% and a negative return on equity of 4.45%. On average, equities analysts predict that Silicon Laboratories will post -1.66 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Park Avenue Securities LLC acquired a new position in Silicon Laboratories in the 3rd quarter valued at approximately $339,000. Federated Hermes Inc. raised its stake in shares of Silicon Laboratories by 6.9% in the fourth quarter. Federated Hermes Inc. now owns 516,484 shares of the semiconductor company’s stock valued at $68,315,000 after purchasing an additional 33,357 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in Silicon Laboratories during the third quarter worth $30,000. Schonfeld Strategic Advisors LLC acquired a new stake in Silicon Laboratories during the third quarter worth $3,652,000. Finally, Envestnet Asset Management Inc. increased its holdings in Silicon Laboratories by 37.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 90,289 shares of the semiconductor company’s stock valued at $10,464,000 after buying an additional 24,468 shares during the period.

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.