New York State Teachers Retirement System Reduces Stake in Silicon Laboratories Inc. (NASDAQ:SLAB)

Posted by Defense World Staff on Apr 15th, 2023

New York State Teachers Retirement System trimmed its stake in Silicon Laboratories Inc. (NASDAQ:SLAB – Get Rating) by 7.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,828 shares of the semiconductor company’s stock after selling 4,938 shares during the quarter. New York State Teachers Retirement System owned approximately 0.17% of Silicon Laboratories worth $7,846,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SLAB. Global Retirement Partners LLC raised its position in shares of Silicon Laboratories by 975.0% in the third quarter. Global Retirement Partners LLC now owns 215 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 195 shares during the period. EverSource Wealth Advisors LLC bought a new stake in shares of Silicon Laboratories in the third quarter valued at approximately $39,000. Exchange Traded Concepts LLC bought a new stake in shares of Silicon Laboratories in the third quarter valued at approximately $58,000. Harbor Investment Advisory LLC raised its position in shares of Silicon Laboratories by 23.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 514 shares of the semiconductor company’s stock valued at $70,000 after purchasing an additional 99 shares during the period. Finally, Covestor Ltd raised its position in shares of Silicon Laboratories by 214.8% in the first quarter. Covestor Ltd now owns 554 shares of the semiconductor company’s stock valued at $83,000 after purchasing an additional 378 shares during the period. 99.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Silicon Laboratories

In other news, Director Nina Richardson sold 912 shares of the stock in a transaction on Friday, January 27th. The shares were sold at an average price of $160.00, for a total value of $145,920.00. Following the transaction, the director now owns 5,908 shares of the company’s stock, valued at approximately $945,280. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.96% of the company’s stock.

Wall Street Analysts Forecast Growth

SLAB has been the topic of several research reports. Morgan Stanley boosted their price target on shares of Silicon Laboratories from $151.00 to $207.00 and gave the company an “equal weight” rating in a research report on Thursday, February 2nd. KeyCorp boosted their price target on shares of Silicon Laboratories from $160.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 2nd. Wells Fargo & Company boosted their price target on shares of Silicon Laboratories from $155.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, February 2nd. StockNews.com assumed coverage on shares of Silicon Laboratories in a report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Citigroup upped their target price on shares of Silicon Laboratories from $150.00 to $186.00 and gave the stock a “neutral” rating in a report on Tuesday, February 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $179.78.

Silicon Laboratories Stock Performance

Silicon Laboratories stock opened at $167.78 on Friday. The firm’s 50 day simple moving average is $174.97 and its 200 day simple moving average is $150.23. The firm has a market capitalization of $5.37 billion, a PE ratio of 66.06 and a beta of 1.09. Silicon Laboratories Inc. has a 1-year low of $109.44 and a 1-year high of $194.68. The company has a current ratio of 7.87, a quick ratio of 7.33 and a debt-to-equity ratio of 0.38.

Silicon Laboratories (NASDAQ:SLAB – Get Rating) last issued its quarterly earnings results on Wednesday, February 1st. The semiconductor company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.28. The firm had revenue of $257.33 million for the quarter, compared to analyst estimates of $250.32 million. Silicon Laboratories had a net margin of 8.93% and a return on equity of 7.44%. As a group, analysts expect that Silicon Laboratories Inc. will post 3.33 earnings per share for the current fiscal year.

Silicon Laboratories Profile

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Silicon Laboratories, Inc engages in providing and developing analog-intensive and mixed-signal integrated circuits. It operates through the United States, China, and Rest of World geographical segments. The company was founded by Navdeep S. Sooch, David R. Welland, and Jeffrey W. Scott in August 1996 and is headquartered in Austin, TX.