Connor Clark & Lunn Investment Management Ltd. Lowers Position in Silicon Laboratories Inc. (NASDAQ:SLAB)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Silicon Laboratories Inc. (NASDAQ:SLAB) by 22.3% during the third quarter, HoldingsChannel reports. The firm owned 2,244 shares of the semiconductor company’s stock after selling 644 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Silicon Laboratories were worth $259,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Clearbridge Investments LLC boosted its position in Silicon Laboratories by 84.0% during the 2nd quarter. Clearbridge Investments LLC now owns 273,776 shares of the semiconductor company’s stock valued at $30,288,000 after acquiring an additional 125,022 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Silicon Laboratories by 29.5% during the 2nd quarter. American Century Companies Inc. now owns 316,407 shares of the semiconductor company’s stock worth $35,004,000 after purchasing an additional 72,138 shares during the last quarter. Van Berkom & Associates Inc. boosted its position in Silicon Laboratories by 8.4% during the second quarter. Van Berkom & Associates Inc. now owns 609,232 shares of the semiconductor company’s stock valued at $67,399,000 after purchasing an additional 47,058 shares in the last quarter. Davidson Investment Advisors grew its stake in Silicon Laboratories by 36.7% in the second quarter. Davidson Investment Advisors now owns 131,453 shares of the semiconductor company’s stock valued at $14,543,000 after purchasing an additional 35,317 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. raised its holdings in Silicon Laboratories by 17.9% in the third quarter. Schwartz Investment Counsel Inc. now owns 230,000 shares of the semiconductor company’s stock worth $26,581,000 after purchasing an additional 35,000 shares in the last quarter.

Silicon Laboratories Stock Performance

Shares of SLAB opened at $110.65 on Monday. The stock has a market capitalization of $3.59 billion, a PE ratio of -14.95 and a beta of 1.20. Silicon Laboratories Inc. has a 1 year low of $94.00 and a 1 year high of $154.91. The company’s 50-day simple moving average is $110.92 and its 200-day simple moving average is $113.48.

Silicon Laboratories (NASDAQ:SLAB) last posted its earnings results on Monday, November 4th. The semiconductor company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.07. The firm had revenue of $166.00 million for the quarter, compared to analyst estimates of $165.50 million. Silicon Laboratories had a negative return on equity of 12.60% and a negative net margin of 46.93%. Silicon Laboratories’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.48 earnings per share. On average, sell-side analysts predict that Silicon Laboratories Inc. will post -3.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SLAB. KeyCorp cut their price objective on shares of Silicon Laboratories from $150.00 to $115.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. JPMorgan Chase & Co. reduced their price target on Silicon Laboratories from $150.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Barclays lowered their price objective on Silicon Laboratories from $120.00 to $75.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Benchmark reaffirmed a “hold” rating on shares of Silicon Laboratories in a research report on Tuesday, November 5th. Finally, Stifel Nicolaus lowered their price target on Silicon Laboratories from $160.00 to $135.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Silicon Laboratories has an average rating of “Hold” and a consensus price target of $121.50.

Insider Buying and Selling at Silicon Laboratories

In other news, SVP Brandon Tolany sold 845 shares of Silicon Laboratories stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $115.00, for a total value of $97,175.00. Following the sale, the senior vice president now owns 43,615 shares of the company’s stock, valued at $5,015,725. The trade was a 1.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.72% of the stock is currently owned by company insiders.

Silicon Laboratories 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.