Principal Financial Group Inc. Sells 32,550 Shares of Silicon Laboratories Inc. (NASDAQ:SLAB)

Principal Financial Group Inc. lessened its holdings in shares of Silicon Laboratories Inc. (NASDAQ:SLAB - Free Report) by 30.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,664 shares of the semiconductor company's stock after selling 32,550 shares during the quarter. Principal Financial Group Inc. owned 0.23% of Silicon Laboratories worth $8,744,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Oddo BHF Asset Management Sas bought a new stake in shares of Silicon Laboratories during the third quarter worth about $694,000. Franklin Resources Inc. boosted its stake in Silicon Laboratories by 1.9% during the 3rd quarter. Franklin Resources Inc. now owns 231,889 shares of the semiconductor company's stock valued at $27,001,000 after purchasing an additional 4,278 shares during the last quarter. Tidal Investments LLC bought a new stake in Silicon Laboratories during the 3rd quarter worth approximately $520,000. Geode Capital Management LLC raised its stake in shares of Silicon Laboratories by 2.1% in the third quarter. Geode Capital Management LLC now owns 781,049 shares of the semiconductor company's stock worth $90,282,000 after purchasing an additional 15,728 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of Silicon Laboratories by 23.4% in the third quarter. Barclays PLC now owns 70,568 shares of the semiconductor company's stock worth $8,157,000 after purchasing an additional 13,363 shares during the last quarter.

Silicon Laboratories Stock Performance

NASDAQ SLAB traded down $0.64 on Wednesday, hitting $124.22. 147,481 shares of the stock traded hands, compared to its average volume of 298,893. The business's fifty day moving average is $114.95 and its two-hundred day moving average is $113.27. Silicon Laboratories Inc. has a 12 month low of $94.00 and a 12 month high of $154.91. The firm has a market capitalization of $4.03 billion, a price-to-earnings ratio of -16.79 and a beta of 1.21.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The semiconductor company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.07. Silicon Laboratories had a negative return on equity of 12.60% and a negative net margin of 46.93%. The company had revenue of $166.00 million during the quarter, compared to the consensus estimate of $165.50 million. During the same quarter in the prior year, the company earned $0.48 EPS. The firm's quarterly revenue was down 18.5% compared to the same quarter last year. Analysts expect that Silicon Laboratories Inc. will post -3.56 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SLAB shares. Susquehanna began coverage on Silicon Laboratories in a report on Tuesday, December 17th. They set a "neutral" rating and a $130.00 price target for the company. KeyCorp lowered their target price on shares of Silicon Laboratories from $150.00 to $115.00 and set an "overweight" rating for the company in a report on Tuesday, November 5th. Morgan Stanley cut their price target on shares of Silicon Laboratories from $123.00 to $97.00 and set an "equal weight" rating on the stock in a report on Tuesday, November 5th. Barclays decreased their price objective on shares of Silicon Laboratories from $120.00 to $75.00 and set an "equal weight" rating for the company in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. cut their target price on Silicon Laboratories from $150.00 to $135.00 and set an "overweight" rating on the stock in a research note on Tuesday, November 5th. One investment 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 presently has an average rating of "Hold" and an average target price of $122.44.

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.