Engineers Gate Manager LP Boosts Position in Silicon Laboratories, Inc. $SLAB

Engineers Gate Manager LP lifted its stake in shares of Silicon Laboratories, Inc. (NASDAQ:SLAB) by 45.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,304 shares of the semiconductor company’s stock after acquiring an additional 10,424 shares during the quarter. Engineers Gate Manager LP owned approximately 0.10% of Silicon Laboratories worth $7,279,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Harbor Investment Advisory LLC purchased a new position in Silicon Laboratories during the 2nd quarter worth $28,000. Kestra Advisory Services LLC purchased a new stake in shares of Silicon Laboratories in the 4th quarter worth $32,000. Covestor Ltd grew its position in shares of Silicon Laboratories by 260.3% during the 4th quarter. Covestor Ltd now owns 281 shares of the semiconductor company’s stock worth $37,000 after buying an additional 203 shares in the last quarter. Allworth Financial LP bought a new position in shares of Silicon Laboratories during the 2nd quarter worth $42,000. Finally, Kemnay Advisory Services Inc. purchased a new position in Silicon Laboratories during the 4th quarter valued at about $44,000.

Silicon Laboratories Price Performance

Shares of SLAB stock opened at $220.33 on Friday. Silicon Laboratories, Inc. has a 1-year low of $115.50 and a 1-year high of $222.49. The company has a market cap of $7.35 billion, a price-to-earnings ratio of -186.72 and a beta of 1.36. The stock has a 50 day simple moving average of $218.47 and a 200-day simple moving average of $214.88.

Silicon Laboratories (NASDAQ:SLAB) last posted its quarterly earnings data 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. Silicon Laboratories had a negative return on equity of 0.66% and a negative net margin of 4.57%.The company had revenue of $228.19 million for the quarter, compared to analysts’ expectations of $227.99 million. During the same period in the previous year, the firm posted $0.11 EPS. Silicon Laboratories’s revenue was up 18.3% compared to the same quarter last year. Analysts anticipate that Silicon Laboratories, Inc. will post 0.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Zacks Research lowered shares of Silicon Laboratories from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Silicon Laboratories in a research report on Wednesday, June 24th. Five investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Silicon Laboratories currently has a consensus rating of “Reduce” and a consensus price target of $218.00.

About Silicon Laboratories

Silicon Laboratories Inc is a fabless semiconductor company focused on technologies that connect and control devices in the Internet of Things (IoT). The company develops integrated circuits, modules and software designed to help manufacturers build connected products for residential, commercial and industrial applications.

Its portfolio includes wireless system-on-chips, microcontrollers, connectivity modules and development tools supporting technologies such as Bluetooth, Wi-Fi, Zigbee, Thread, Matter and proprietary wireless protocols.