Silicon Laboratories (NASDAQ:SLAB) Issues Earnings Results, Misses Expectations By $0.05 EPS

Silicon Laboratories (NASDAQ:SLAB) released its quarterly earnings data on Wednesday. The semiconductor company reported ($1.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.29) by ($0.05), reports. Silicon Laboratories had a negative return on equity of 4.45% and a negative net margin of 16.36%. The business had revenue of $106.38 million during the quarter, compared to analysts’ expectations of $104.45 million. Silicon Laboratories updated its Q2 guidance to ($0.58)-($0.70) EPS and its Q2 2024 guidance to -0.700–0.580 EPS.

Silicon Laboratories Stock Up 2.7 %

SLAB opened at $122.13 on Friday. Silicon Laboratories has a 52-week low of $74.56 and a 52-week high of $166.94. The company has a market cap of $3.90 billion, a P/E ratio of -36.90 and a beta of 1.27. The firm’s 50-day moving average price is $133.57 and its 200-day moving average price is $122.15.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Benchmark reaffirmed a “hold” rating on shares of Silicon Laboratories in a research note on Thursday. Stifel Nicolaus boosted their target price on shares of Silicon Laboratories from $136.00 to $155.00 and gave the stock a “buy” rating in a report on Tuesday, January 2nd. Barclays reduced their target price on shares of Silicon Laboratories from $140.00 to $120.00 and set an “equal weight” rating for the company in a report on Thursday. Citigroup reduced 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. Finally, JPMorgan Chase & Co. reduced their target price on shares of Silicon Laboratories from $165.00 to $150.00 and set an “overweight” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $135.00.

Hedge Funds Weigh In On Silicon Laboratories

Several hedge funds have recently modified their holdings of the stock. Louisiana State Employees Retirement System increased its holdings in shares of Silicon Laboratories by 3.4% during the first quarter. Louisiana State Employees Retirement System now owns 9,200 shares of the semiconductor company’s stock valued at $1,322,000 after acquiring an additional 300 shares in the last quarter. Raymond James & Associates increased its holdings in Silicon Laboratories by 14.5% in the 1st quarter. Raymond James & Associates now owns 91,168 shares of the semiconductor company’s stock worth $13,103,000 after buying an additional 11,548 shares during the period. Berry Wealth Group LP acquired a new position in Silicon Laboratories in the 1st quarter worth approximately $201,000. State of Michigan Retirement System increased its holdings in Silicon Laboratories by 2.6% in the 1st quarter. State of Michigan Retirement System now owns 7,797 shares of the semiconductor company’s stock worth $1,121,000 after buying an additional 200 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in Silicon Laboratories by 12.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 62,397 shares of the semiconductor company’s stock worth $8,968,000 after buying an additional 7,081 shares during the period.

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.