PNC Financial Services Group Inc. Cuts Stock Position in Silicon Laboratories Inc. (NASDAQ:SLAB)

PNC Financial Services Group Inc. cut its stake in Silicon Laboratories Inc. (NASDAQ:SLAB) by 11.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,530 shares of the semiconductor company’s stock after selling 440 shares during the period. PNC Financial Services Group Inc.’s holdings in Silicon Laboratories were worth $467,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in Silicon Laboratories by 4.7% in the 4th 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 in the last quarter. Federated Hermes Inc. lifted its stake in Silicon Laboratories by 6.9% during the 4th quarter. Federated Hermes Inc. now owns 516,484 shares of the semiconductor company’s stock valued at $68,315,000 after acquiring an additional 33,357 shares during the period. Premier Fund Managers Ltd lifted its stake in 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 period. Pathstone Holdings LLC acquired a new stake in Silicon Laboratories during the 4th quarter valued at approximately $58,205,000. Finally, Hel Ved Capital Management Ltd acquired a new stake in Silicon Laboratories during the 4th quarter valued at approximately $7,037,000.

Silicon Laboratories Stock Performance

Shares of NASDAQ SLAB opened at $109.33 on Friday. The firm has a market cap of $3.49 billion, a PE ratio of -33.03 and a beta of 1.23. The firm has a fifty day moving average of $121.95 and a 200 day moving average of $128.37. Silicon Laboratories Inc. has a one year low of $74.56 and a one year high of $166.94.

Silicon Laboratories (NASDAQ:SLAB) last issued its quarterly earnings results on Wednesday, April 24th. The semiconductor company reported ($1.34) EPS for the quarter, missing the consensus estimate of ($1.29) by ($0.05). The company had revenue of $106.38 million during the quarter, compared to analysts’ expectations of $104.45 million. Silicon Laboratories had a negative return on equity of 4.45% and a negative net margin of 16.36%. On average, equities analysts predict that Silicon Laboratories Inc. will post -3.21 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on SLAB. Summit Insights cut shares of Silicon Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, April 24th. TD Cowen decreased their price objective on shares of Silicon Laboratories from $155.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Barclays decreased their price objective on shares of Silicon Laboratories from $140.00 to $120.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. JPMorgan Chase & Co. decreased their target price on shares of Silicon Laboratories from $165.00 to $150.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. Finally, Citigroup decreased their target price on shares of Silicon Laboratories from $137.00 to $120.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $135.00.

Insider Transactions at Silicon Laboratories

In other news, CEO Robert Matthew Johnson sold 7,230 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 47,910 shares of the company’s stock, valued at $5,931,258. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.72% of the company’s stock.

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.