Silicon Laboratories, Inc. $SLAB Stock: Retirement Systems of Alabama Trims Stake

Retirement Systems of Alabama lowered its position in Silicon Laboratories, Inc. (NASDAQ:SLAB) by 22.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,416 shares of the semiconductor company’s stock after selling 9,797 shares during the quarter. Retirement Systems of Alabama’s holdings in Silicon Laboratories were worth $7,626,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Silicon Laboratories during the second quarter valued at approximately $1,135,435,000. HBK Investments L P acquired a new position in shares of Silicon Laboratories in the second quarter valued at $218,560,000. Pentwater Capital Management LP acquired a new position in shares of Silicon Laboratories in the second quarter valued at $162,111,000. Hsbc Holdings PLC bought a new position in Silicon Laboratories in the second quarter worth $67,455,000. Finally, Bank of New York Mellon Corp bought a new position in Silicon Laboratories in the second quarter worth $45,699,000.

Silicon Laboratories Price Performance

Shares of Silicon Laboratories stock traded down $0.69 during midday trading on Friday, hitting $221.43. 931,532 shares of the company were exchanged, compared to its average volume of 362,417. The firm has a market cap of $7.39 billion, a P/E ratio of -357.15 and a beta of 1.20. Silicon Laboratories, Inc. has a 52 week low of $115.50 and a 52 week high of $223.50. The firm has a 50 day simple moving average of $221.31 and a 200-day simple moving average of $213.95.

Silicon Laboratories (NASDAQ:SLAB) last announced its quarterly earnings results on Tuesday, November 10th. The semiconductor company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.20. Silicon Laboratories had a positive return on equity of 1.51% and a negative net margin of 2.26%. The firm had revenue of $250.89 million for the quarter, compared to analysts’ expectations of $242.00 million. During the same period in the prior year, the business posted $0.32 earnings per share. The business’s revenue was up 21.8% compared to the same quarter last year. Equities research analysts expect that Silicon Laboratories, Inc. will post 0.52 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SLAB. Weiss Ratings reiterated a “sell (d-)” rating on shares of Silicon Laboratories in a research note on Monday, September 21st. Zacks Research upgraded shares of Silicon Laboratories from a “strong sell” rating to a “hold” rating in a research note on Monday, October 12th. Finally, Wall Street Zen upgraded shares of Silicon Laboratories from a “hold” rating to a “buy” rating in a research note on Saturday. Six analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $218.00.

Silicon Laboratories Profile

Silicon Laboratories (NASDAQ: SLAB), also known as Silicon Labs, is a fabless semiconductor company headquartered in Austin, Texas. Founded in 1996, the company focuses on wireless connectivity and embedded technologies for the Internet of Things (IoT). Its products include wireless system-on-chips, microcontrollers, modules, software and development tools. These solutions support technologies such as Bluetooth, Wi-Fi, Zigbee, Thread and Matter, helping devices communicate and operate in applications across smart homes, commercial buildings and industrial settings.