Silicon Laboratories (NASDAQ:SLAB) Upgraded to “Buy” by Needham & Company LLC

Needham & Company LLC upgraded shares of Silicon Laboratories (NASDAQ:SLAB) from a hold rating to a buy rating in a research note released on Thursday morning, Marketbeat reports. The firm currently has $150.00 price objective on the semiconductor company’s stock.

SLAB has been the subject of several other reports. TD Cowen upped their price objective on shares of Silicon Laboratories from $140.00 to $155.00 and gave the company an outperform rating in a research note on Thursday, February 8th. Stifel Nicolaus increased their price objective on Silicon Laboratories from $136.00 to $155.00 and gave the stock a buy rating in a report on Tuesday, January 2nd. Barclays boosted their target price on Silicon Laboratories from $120.00 to $140.00 and gave the company an equal weight rating in a research note 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 company an overweight rating in a research report on Thursday, February 8th. Finally, StockNews.com downgraded shares of Silicon Laboratories from a hold rating to a sell rating in a research note on Friday, December 29th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Silicon Laboratories presently has an average rating of Hold and an average target price of $135.00.

Silicon Laboratories Trading Up 4.1 %

NASDAQ SLAB opened at $118.93 on Thursday. The firm has a market cap of $3.80 billion, a PE ratio of -35.93 and a beta of 1.27. Silicon Laboratories has a 1-year low of $74.56 and a 1-year high of $166.94. The stock has a 50-day moving average of $134.38 and a 200-day moving average of $122.12.

Silicon Laboratories (NASDAQ:SLAB) last released its quarterly earnings data on Wednesday, April 24th. The semiconductor company reported ($1.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.29) by ($0.05). Silicon Laboratories had a negative net margin of 16.36% and a negative return on equity of 4.45%. The company had revenue of $106.38 million for the quarter, compared to analysts’ expectations of $104.45 million. As a group, equities research analysts forecast that Silicon Laboratories will post -1.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silicon Laboratories

Several large investors have recently modified their holdings of the stock. Park Avenue Securities LLC bought a new stake in Silicon Laboratories during the 3rd quarter valued at about $339,000. Federated Hermes Inc. raised its holdings in Silicon Laboratories by 6.9% in the 4th quarter. Federated Hermes Inc. now owns 516,484 shares of the semiconductor company’s stock worth $68,315,000 after acquiring an additional 33,357 shares during the last quarter. Venturi Wealth Management LLC bought a new position in Silicon Laboratories in the 3rd quarter valued at approximately $30,000. Schonfeld Strategic Advisors LLC purchased a new stake in Silicon Laboratories during the 3rd quarter valued at $3,652,000. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Silicon Laboratories by 37.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 90,289 shares of the semiconductor company’s stock worth $10,464,000 after purchasing an additional 24,468 shares in the last quarter.

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.