Silicon Laboratories (NASDAQ:SLAB) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Silicon Laboratories (NASDAQ:SLAB) announced its quarterly earnings results on Wednesday. The semiconductor company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.64) by $0.08, Briefing.com reports. Silicon Laboratories had a negative net margin of 36.53% and a negative return on equity of 9.13%. The firm had revenue of $145.40 million during the quarter, compared to analysts’ expectations of $140.18 million. During the same quarter in the prior year, the company earned $0.59 EPS. The company’s revenue was down 40.6% compared to the same quarter last year. Silicon Laboratories updated its Q3 guidance to ($0.10)-($0.30) EPS and its Q3 2024 guidance to -0.300–0.100 EPS.

Silicon Laboratories Trading Up 3.5 %

Shares of NASDAQ SLAB traded up $4.08 during midday trading on Friday, reaching $120.69. The company had a trading volume of 127,375 shares, compared to its average volume of 315,559. The stock has a market cap of $3.85 billion, a P/E ratio of -35.23 and a beta of 1.20. Silicon Laboratories has a 1 year low of $74.56 and a 1 year high of $154.91. The business’s 50-day simple moving average is $118.70 and its 200 day simple moving average is $126.53.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $150.00 target price on shares of Silicon Laboratories in a research report on Thursday. Benchmark reissued a “hold” rating on shares of Silicon Laboratories in a research report on Thursday, April 25th. Barclays decreased 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 research report on Thursday, April 25th. StockNews.com raised shares of Silicon Laboratories to a “sell” rating in a research report on Tuesday. Finally, TD Cowen decreased their target price on shares of Silicon Laboratories from $155.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Silicon Laboratories presently has an average rating of “Hold” and an average price target of $135.00.

Insider Transactions at Silicon Laboratories

In related news, CEO Robert Matthew Johnson sold 7,230 shares of the business’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 transaction, the chief executive officer now directly owns 47,910 shares in the company, valued at $5,931,258. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.72% of the company’s stock.

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.