Synovus Financial Corp Has $409,000 Stock Holdings in Silicon Laboratories Inc. (NASDAQ:SLAB)

Synovus Financial Corp lowered its stake in Silicon Laboratories Inc. (NASDAQ:SLAB) by 24.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,539 shares of the semiconductor company’s stock after selling 1,131 shares during the quarter. Synovus Financial Corp’s holdings in Silicon Laboratories were worth $409,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SLAB. Point72 Asset Management L.P. acquired a new position in Silicon Laboratories in the third quarter valued at about $7,408,000. Intech Investment Management LLC raised its position in shares of Silicon Laboratories by 82.9% in the 3rd quarter. Intech Investment Management LLC now owns 12,837 shares of the semiconductor company’s stock valued at $1,484,000 after acquiring an additional 5,818 shares during the period. Clearbridge Investments LLC boosted its stake 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 acquiring an additional 125,022 shares during the last quarter. Premier Fund Managers Ltd bought a new stake in Silicon Laboratories in the third quarter valued at approximately $934,000. Finally, Paloma Partners Management Co acquired a new stake in Silicon Laboratories in the third quarter worth $1,560,000.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SLAB. StockNews.com upgraded shares of Silicon Laboratories to a “sell” rating in a research report on Friday, November 8th. Barclays lowered their price target on Silicon Laboratories from $120.00 to $75.00 and set an “equal weight” rating for the company in a report on Tuesday, November 5th. KeyCorp cut their price objective on Silicon Laboratories from $150.00 to $115.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Benchmark reissued a “hold” rating on shares of Silicon Laboratories in a research note on Tuesday, November 5th. Finally, Susquehanna initiated coverage on shares of Silicon Laboratories in a research note on Tuesday. They issued a “neutral” rating and a $130.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Silicon Laboratories presently has an average rating of “Hold” and a consensus target price of $122.44.

Silicon Laboratories Stock Down 4.8 %

Shares of SLAB opened at $122.82 on Thursday. Silicon Laboratories Inc. has a twelve month low of $94.00 and a twelve month high of $154.91. The stock has a market capitalization of $3.99 billion, a P/E ratio of -16.60 and a beta of 1.21. The company has a 50 day moving average of $112.80 and a 200-day moving average of $112.95.

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

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.