Silicon Laboratories (SLAB - Get Report) designs and develops analog-intensive, mixed-signal integrated circuits for a range of applications. This stock is trading up 1.6% at $43.47 in recent trading.
Today's Volume: 472,000 sharesAverage Volume: 472,517 shares Volume % Change: 114% Shares of SLAB are trading higher today despite the fact that a UBS analyst cut his rating on the stock from to neutral from buy, but maintained his price target of $43. One of the reasons cited for the downgrade was valuation, since the stock is trading at a slight premium to its historical average. From a technical standpoint, SLAB is starting to flirt with some near-term overhead resistance at $43.61. Market players should watch for a breakout trade to trigger if SLAB can manage to sustain a move and close above $43.61 on heavy volume. Volume is already tracking in extremely strong today, so watch for a close over $43.61. If we get that move soon, then look for SLAB to re-test $45.10 to $45.50. A move above those levels will set this stock up to trend back towards $46 to $47 in the near future. As of the most recently reported period, Silicon Labs shows up in Coatue Management's portfolio, comprising 2.2% of the total.
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