Mutual of America Capital Management LLC has decreased its stake in Silicon Laboratories, Inc. (NASDAQ: SLAB) by 3.0% during the second quarter of 2023. According to the firm’s recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC), Mutual of America now holds 16,198 shares of the semiconductor company after selling 506 shares in the period. This reduction leaves the value of its holdings at approximately $2,387,000 as of the end of June.
Other hedge funds have also adjusted their positions in Silicon Laboratories, further indicating shifting investor sentiment. Notably, GAMMA Investing LLC significantly increased its stake by 99.6% in the first quarter, now owning 1,126 shares valued at $127,000 after acquiring an additional 562 shares. Principal Financial Group Inc. also expanded its holdings by 72.2%, bringing its total to 129,911 shares worth $14,624,000 following a purchase of 54,463 shares.
KBC Group NV raised its position by 27.1%, increasing its share count to 1,625, while Oppenheimer Asset Management Inc. and Wealth Enhancement Advisory Services LLC made similar adjustments, boosting their holdings by 2.9% and 17.9%, respectively.
Recent Trading Performance and Insider Activity
On Friday, shares of Silicon Laboratories opened at $135.12. The company has experienced a twelve-month trading range, with a low of $82.82 and a high of $160.00. Currently, the stock has a market capitalization of $4.43 billion and a price-to-earnings ratio of -41.96.
In related news, Senior Vice President Brandon Tolany sold 8,000 shares of the company on August 22, 2023, at an average price of $145.23, totaling approximately $1,161,840. Following this transaction, Tolany now holds 62,328 shares valued at around $9,051,895, reflecting an 11.38% decrease in his position. Over the past three months, insiders have sold a total of 12,070 shares, valued at $1,703,472.
Analysts Update Price Targets
Equities analysts have recently provided updates on their price targets for Silicon Laboratories. Stifel Nicolaus raised its target from $144.00 to $160.00, maintaining a “buy” rating for the company. Similarly, KeyCorp increased its target from $160.00 to $180.00, assigning an “overweight” rating.
Other analysts, including Susquehanna and Barclays, have also revised their price targets, with Susquehanna adjusting its estimate from $110.00 to $150.00 and Barclays from $100.00 to $130.00. However, Morgan Stanley decreased its target from $157.00 to $144.00, maintaining an “equal weight” rating.
Currently, five investment analysts rate Silicon Laboratories as a “buy,” three assign a “hold,” and one issues a “sell” rating. According to data from MarketBeat.com, the stock holds an average rating of “hold” with an average target price of $151.13.
Silicon Laboratories, a fabless semiconductor company, specializes in analog-intensive mixed-signal solutions. Its products are utilized across various applications, including the Internet of Things (IoT), smart cities, commercial building automation, and connected health. As the company continues to navigate market changes, it remains a key player in the semiconductor sector.
