William G. Bock, a director at Silicon Laboratories Inc. (NASDAQ:SLAB), recently sold 2,000 shares of the company's common stock. The shares were sold at a weighted average price of $140.77, resulting in a total transaction value of $281,540. The transaction occurs as the stock trades near its 52-week high of $154.91, having delivered an impressive 19.79% return over the past six months. According to InvestingPro analysis, the stock appears to be trading above its Fair Value. Following this transaction, Bock retains ownership of 32,115 shares directly. The sale was conducted under Bock's 10b5-1 trading plan, with prices ranging from $140 to $141.67 per share. While the company maintains strong liquidity with a current ratio of 5.19, InvestingPro data reveals several important factors about SLAB's outlook, including analyst expectations of sales decline. Subscribers can access 8 additional ProTips and comprehensive valuation metrics in the Pro Research Report.
In other recent news, Silicon Labs reported its fiscal third-quarter 2024 results, revealing a revenue of $166 million, a 14% increase from the previous quarter but an 18% decrease year-over-year due to ongoing inventory issues. The industrial and commercial segments of the company generated $96 million, marking a 20% decrease YoY, while the Home & Life segments brought in $70 million, a 16% YoY decrease, but up 22% sequentially. Looking ahead, Silicon Labs projects its Q4 revenue to be between $161 million and $171 million.
The company also showcased its advanced Series 3 connectivity platform at the recent Virtual Works With 2024 IoT developer conference. This next-generation technology offers substantial improvements in processing capabilities to meet the growing demands at the edge of networked technology. The first silicon of the Series 3 platform is now in the sampling phase, marking an important step in its development.
Stifel maintained a positive outlook on shares of Silicon Labs, reiterating a Buy rating and a $135.00 price target. This valuation underscores Stifel's confidence in Silicon Labs' trajectory and potential in the IoT space, supported by the company's technological advancements and strategic positioning within the industry. These are some of the recent developments for Silicon Labs.
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