Cohen Klingenstein LLC Cuts Stake in Silicon Laboratories Inc. (NASDAQ:SLAB)

Cohen Klingenstein LLC cut its holdings in Silicon Laboratories Inc. (NASDAQ:SLAB) by 33.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,469 shares of the semiconductor company’s stock after selling 2,757 shares during the period. Cohen Klingenstein LLC’s holdings in Silicon Laboratories were worth $605,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SLAB. Dimensional Fund Advisors LP increased its holdings in shares of Silicon Laboratories by 4.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 641,710 shares of the semiconductor company’s stock worth $84,884,000 after purchasing an additional 28,759 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Silicon Laboratories by 6.9% during 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 in the last quarter. Premier Fund Managers Ltd boosted its position in shares of Silicon Laboratories by 18.6% during the 4th quarter. Premier Fund Managers Ltd now owns 53,845 shares of the semiconductor company’s stock valued at $7,298,000 after acquiring an additional 8,426 shares during the last quarter. Pathstone Holdings LLC purchased a new position in shares of Silicon Laboratories in the fourth quarter valued at $58,205,000. Finally, CWM LLC increased its position in Silicon Laboratories by 185.0% in the second quarter. CWM LLC now owns 8,435 shares of the semiconductor company’s stock worth $933,000 after purchasing an additional 5,475 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SLAB. JPMorgan Chase & Co. reduced their price objective on Silicon Laboratories from $165.00 to $150.00 and set an “overweight” rating on the stock in a research note on Thursday, April 25th. Needham & Company LLC restated a “buy” rating and set a $150.00 price target on shares of Silicon Laboratories in a report on Thursday, July 25th. Barclays lowered their price target on Silicon Laboratories from $140.00 to $120.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. TD Cowen reduced their target price on shares of Silicon Laboratories from $155.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Finally, Citigroup lowered their target price on shares of Silicon Laboratories from $137.00 to $120.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Silicon Laboratories currently has an average rating of “Hold” and an average price target of $135.00.

Insiders Place Their Bets

In other Silicon Laboratories news, CEO Robert Matthew Johnson sold 7,230 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $123.80, for a total transaction of $895,074.00. Following the transaction, the chief executive officer now owns 47,910 shares in the company, valued at approximately $5,931,258. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.72% of the company’s stock.

Silicon Laboratories Trading Down 0.9 %

Shares of NASDAQ:SLAB traded down $0.90 on Monday, reaching $98.55. The company had a trading volume of 262,464 shares, compared to its average volume of 315,151. The firm has a market capitalization of $3.15 billion, a PE ratio of -29.77 and a beta of 1.19. Silicon Laboratories Inc. has a 52-week low of $74.56 and a 52-week high of $154.91. The firm’s 50 day simple moving average is $114.02 and its 200-day simple moving average is $125.10.

Silicon Laboratories (NASDAQ:SLAB) last released its quarterly earnings results on Wednesday, July 24th. The semiconductor company reported ($0.56) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.64) by $0.08. The business had revenue of $145.40 million for the quarter, compared to analysts’ expectations of $140.18 million. Silicon Laboratories had a negative net margin of 36.53% and a negative return on equity of 9.13%. The company’s revenue was down 40.6% compared to the same quarter last year. During the same period last year, the business earned $0.59 EPS. As a group, equities research analysts predict that Silicon Laboratories Inc. will post -3.4 earnings per share for the current year.

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.