Principal Financial Group Inc. Has $8.74 Million Stock Position in Silicon Laboratories Inc. (NASDAQ:SLAB)

Principal Financial Group Inc. lowered its stake in shares of Silicon Laboratories Inc. (NASDAQ:SLAB) by 30.1% during the third quarter, Holdings Channel reports. The fund owned 75,664 shares of the semiconductor company’s stock after selling 32,550 shares during the period. Principal Financial Group Inc.’s holdings in Silicon Laboratories were worth $8,744,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Capital Research Global Investors grew its stake in shares of Silicon Laboratories by 29.9% during the first quarter. Capital Research Global Investors now owns 1,217,939 shares of the semiconductor company’s stock valued at $175,042,000 after purchasing an additional 280,000 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in Silicon Laboratories by 84.0% during the 2nd quarter. Clearbridge Investments LLC now owns 273,776 shares of the semiconductor company’s stock worth $30,288,000 after buying an additional 125,022 shares in the last quarter. American Century Companies Inc. boosted its position in Silicon Laboratories by 29.5% in the 2nd quarter. American Century Companies Inc. now owns 316,407 shares of the semiconductor company’s stock valued at $35,004,000 after buying an additional 72,138 shares during the last quarter. Van Berkom & Associates Inc. increased its stake in shares of Silicon Laboratories by 8.4% in the 2nd quarter. Van Berkom & Associates Inc. now owns 609,232 shares of the semiconductor company’s stock valued at $67,399,000 after buying an additional 47,058 shares during the period. Finally, Davidson Investment Advisors raised its position in shares of Silicon Laboratories by 36.7% during the second quarter. Davidson Investment Advisors now owns 131,453 shares of the semiconductor company’s stock worth $14,543,000 after acquiring an additional 35,317 shares during the last quarter.

Wall Street Analysts Forecast Growth

SLAB has been the topic of several recent research reports. Morgan Stanley decreased their price target on Silicon Laboratories from $123.00 to $97.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 5th. KeyCorp reduced their target price on shares of Silicon Laboratories from $150.00 to $115.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. JPMorgan Chase & Co. dropped their price target on shares of Silicon Laboratories from $150.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Barclays reduced their price objective on shares of Silicon Laboratories from $120.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 5th. Finally, Stifel Nicolaus dropped their target price on shares of Silicon Laboratories from $160.00 to $135.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $121.50.

Insider Buying and Selling

In related news, SVP Brandon Tolany sold 845 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $115.00, for a total value of $97,175.00. Following the completion of the transaction, the senior vice president now directly owns 43,615 shares of the company’s stock, valued at approximately $5,015,725. This represents a 1.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.72% of the stock is owned by company insiders.

Silicon Laboratories Stock Up 0.2 %

Shares of SLAB stock opened at $100.71 on Tuesday. Silicon Laboratories Inc. has a 12-month low of $94.00 and a 12-month high of $154.91. The firm has a fifty day moving average of $111.58 and a 200-day moving average of $114.65. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of -13.61 and a beta of 1.20.

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

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.