Jump Financial LLC Reduces Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Jump Financial LLC lowered its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 78.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 7,755 shares of the semiconductor producer’s stock after selling 28,921 shares during the quarter. Jump Financial LLC’s holdings in Silicon Motion Technology were worth $419,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. GAMMA Investing LLC raised its position in shares of Silicon Motion Technology by 123.2% during the 4th quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock worth $47,000 after purchasing an additional 484 shares during the last quarter. Blue Trust Inc. increased its position in Silicon Motion Technology by 64.7% during the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock worth $122,000 after buying an additional 883 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Silicon Motion Technology in the fourth quarter worth $208,000. Choreo LLC purchased a new stake in shares of Silicon Motion Technology in the fourth quarter valued at $209,000. Finally, Quadrant Capital Group LLC boosted its stake in shares of Silicon Motion Technology by 7.2% during the fourth quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer’s stock valued at $214,000 after acquiring an additional 267 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Up 5.5 %

NASDAQ:SIMO opened at $44.06 on Friday. The company has a market cap of $1.48 billion, a P/E ratio of 16.38, a P/E/G ratio of 1.36 and a beta of 0.81. The firm’s 50 day moving average is $49.53 and its two-hundred day moving average is $53.04. Silicon Motion Technology Co. has a fifty-two week low of $37.21 and a fifty-two week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. Research analysts forecast that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology announced that its Board of Directors has initiated a share buyback program on Wednesday, February 5th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on SIMO shares. StockNews.com downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Needham & Company LLC reissued a “buy” rating and set a $70.00 price objective on shares of Silicon Motion Technology in a research note on Friday, February 7th. Finally, Bank of America raised shares of Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 target price for the company in a research note on Wednesday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.00.

Silicon Motion Technology Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.