Silicon Laboratories Shares Down 14% After Analyst Downgrade (SLAB)
Shares of Silicon Laboratories (NASDAQ:SLAB) dropped 14% during mid-day trading on Friday after MKM Partners lowered their price target on the stock from $60.00 to $55.00, ARN reports. MKM Partners currently has a buy rating on the stock. Silicon Laboratories traded as low as $39.85 and last traded at $40.24, with a volume of 1,108,992 shares changing hands. The stock had previously closed at $46.80.
SLAB has been the subject of a number of other recent research reports. Analysts at Needham & Company LLC reiterated a “buy” rating on shares of Silicon Laboratories in a research note on Friday. Separately, analysts at Topeka Capital Markets cut their price target on shares of Silicon Laboratories from $47.00 to $42.00 in a research note on Friday. They now have a “hold” rating on the stock. Finally, analysts at Zacks upgraded shares of Silicon Laboratories from an “underperform” rating to a “neutral” rating in a research note on Tuesday, July 1st. They now have a $50.20 price target on the stock. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Silicon Laboratories has a consensus rating of “Buy” and a consensus price target of $52.31.
The stock’s 50-day moving average is $47.92 and its 200-day moving average is $48.00. The company has a market cap of $1.740 billion and a price-to-earnings ratio of 54.29.
Silicon Laboratories (NASDAQ:SLAB) last announced its earnings results on Friday, July 25th. The company reported $0.58 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.46 by $0.12. The company had revenue of $154.90 million for the quarter, compared to the consensus estimate of $149.02 million. During the same quarter in the prior year, the company posted $0.50 earnings per share. The company’s quarterly revenue was up 9.5% on a year-over-year basis. On average, analysts predict that Silicon Laboratories will post $1.97 earnings per share for the current fiscal year.
Silicon Laboratories Inc, designs and develops analog-intensive, mixed-signal and integrated circuits (NASDAQ:SLAB) for a broad range of applications.
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