Rafferty Asset Management LLC Invests $289,000 in Silicon Laboratories Inc. (SLAB)
Rafferty Asset Management LLC acquired a new position in Silicon Laboratories Inc. (NASDAQ:SLAB) during the second quarter, Holdings Channel reports. The firm acquired 5,928 shares of the company’s stock, valued at approximately $289,000.
A number of other institutional investors have also bought and sold shares of the company. LS Investment Advisors LLC increased its stake in Silicon Laboratories by 74.3% in the second quarter. LS Investment Advisors LLC now owns 2,336 shares of the company’s stock worth $114,000 after buying an additional 996 shares during the last quarter. Bank of Montreal Can purchased a new stake in Silicon Laboratories during the second quarter worth $132,000. Bayesian Capital Management LP increased its stake in Silicon Laboratories by 3.2% in the first quarter. Bayesian Capital Management LP now owns 5,744 shares of the company’s stock worth $258,000 after buying an additional 178 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in Silicon Laboratories during the first quarter worth $298,000. Finally, Princeton Alpha Management LP purchased a new stake in Silicon Laboratories during the second quarter worth $420,000. 88.05% of the stock is currently owned by institutional investors.
Silicon Laboratories Inc. (NASDAQ:SLAB) traded down 0.95% on Tuesday, hitting $55.41. The stock had a trading volume of 75,700 shares. Silicon Laboratories Inc. has a 52 week low of $36.56 and a 52 week high of $58.21. The company has a 50-day moving average price of $55.23 and a 200-day moving average price of $49.37. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 62.97 and a beta of 1.33.
Silicon Laboratories (NASDAQ:SLAB) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.11. Silicon Laboratories had a return on equity of 8.71% and a net margin of 5.66%. The company had revenue of $174.90 million for the quarter, compared to the consensus estimate of $170.52 million. During the same quarter last year, the business posted $0.56 EPS. Silicon Laboratories’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities research analysts anticipate that Silicon Laboratories Inc. will post $2.53 earnings per share for the current fiscal year.
A number of equities research analysts have recently weighed in on SLAB shares. Zacks Investment Research downgraded Silicon Laboratories from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 29th. B. Riley restated a “buy” rating and set a $64.00 target price on shares of Silicon Laboratories in a research report on Wednesday, July 27th. Needham & Company LLC restated a “hold” rating on shares of Silicon Laboratories in a research report on Wednesday, July 27th. Canaccord Genuity restated a “buy” rating and set a $65.00 target price on shares of Silicon Laboratories in a research report on Wednesday, July 27th. Finally, Drexel Hamilton restated a “buy” rating and set a $52.00 target price on shares of Silicon Laboratories in a research report on Thursday, July 28th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $57.20.
In related news, Director Navdeep S. Sooch sold 100,000 shares of the firm’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $57.20, for a total transaction of $5,720,000.00. Following the sale, the director now owns 574,756 shares of the company’s stock, valued at approximately $32,876,043.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William G. Bock sold 3,000 shares of the firm’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $54.16, for a total value of $162,480.00. Following the sale, the director now directly owns 54,224 shares in the company, valued at approximately $2,936,771.84. The disclosure for this sale can be found here. Corporate insiders own 2.75% of the company’s stock.
About Silicon Laboratories
Silicon Laboratories Inc is a provider of silicon, software and solutions for the Internet of things (IoT), Internet infrastructure, industrial control, consumer and automotive markets. The Company provides customers with advantages in performance, energy savings, connectivity and design simplicity. It provides developers with the tools and technologies they need to advance from initial idea to final product.
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