Prudential Financial Inc. Lowers Stake in Silicon Laboratories Inc. (NASDAQ:SLAB)

Prudential Financial Inc. lowered its stake in shares of Silicon Laboratories Inc. (NASDAQ:SLAB - Free Report) by 71.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,073 shares of the semiconductor company's stock after selling 7,692 shares during the quarter. Prudential Financial Inc.'s holdings in Silicon Laboratories were worth $382,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SLAB. Raymond James Financial Inc. purchased a new stake in shares of Silicon Laboratories in the fourth quarter valued at about $14,252,000. Vanguard Group Inc. lifted its position in Silicon Laboratories by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 3,959,580 shares of the semiconductor company's stock valued at $491,859,000 after purchasing an additional 71,942 shares during the period. Fisher Asset Management LLC boosted its holdings in Silicon Laboratories by 114.4% in the 4th quarter. Fisher Asset Management LLC now owns 119,292 shares of the semiconductor company's stock valued at $14,818,000 after purchasing an additional 63,652 shares in the last quarter. GW&K Investment Management LLC increased its position in Silicon Laboratories by 5.6% during the 4th quarter. GW&K Investment Management LLC now owns 682,045 shares of the semiconductor company's stock worth $84,723,000 after purchasing an additional 36,330 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Silicon Laboratories by 9.2% during the 4th quarter. American Century Companies Inc. now owns 343,131 shares of the semiconductor company's stock worth $42,624,000 after buying an additional 28,867 shares in the last quarter.

Remove Ads

Analysts Set New Price Targets

SLAB has been the topic of a number of recent analyst reports. Barclays upped their price objective on Silicon Laboratories from $75.00 to $120.00 and gave the stock an "equal weight" rating in a report on Friday, January 17th. Stifel Nicolaus increased their price target on shares of Silicon Laboratories from $135.00 to $145.00 and gave the company a "buy" rating in a report on Monday, January 6th. Needham & Company LLC reissued a "buy" rating and set a $150.00 price objective on shares of Silicon Laboratories in a report on Wednesday, March 12th. StockNews.com cut shares of Silicon Laboratories from a "hold" rating to a "sell" rating in a report on Thursday, March 27th. Finally, Benchmark reissued a "buy" rating and set a $160.00 price target on shares of Silicon Laboratories in a research note on Wednesday, March 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $136.20.

Insider Transactions at Silicon Laboratories

In other news, Director William G. Bock sold 1,000 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $149.43, for a total transaction of $149,430.00. Following the completion of the transaction, the director now owns 31,115 shares of the company's stock, valued at $4,649,514.45. This represents a 3.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Navdeep S. Sooch sold 2,360 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $149.00, for a total transaction of $351,640.00. Following the completion of the sale, the director now directly owns 400,567 shares in the company, valued at $59,684,483. This represents a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,360 shares of company stock worth $782,610 over the last quarter. 1.60% of the stock is currently owned by insiders.

Silicon Laboratories Stock Performance

SLAB stock traded down $0.33 during trading on Tuesday, hitting $90.97. The stock had a trading volume of 30,755 shares, compared to its average volume of 330,583. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of -15.32 and a beta of 1.33. The company's 50 day moving average price is $126.42 and its two-hundred day moving average price is $122.32. Silicon Laboratories Inc. has a 1-year low of $82.82 and a 1-year high of $160.00.

Silicon Laboratories (NASDAQ:SLAB - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported ($0.11) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.11). The business had revenue of $166.25 million during the quarter, compared to analyst estimates of $166.09 million. Silicon Laboratories had a negative net margin of 32.69% and a negative return on equity of 10.46%. The company's revenue was up 91.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.19) earnings per share. As a group, sell-side analysts forecast that Silicon Laboratories Inc. will post -0.97 earnings per share for the current fiscal year.

Silicon Laboratories 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.