18,000 Shares in Silicon Motion Technology Co. (NASDAQ:SIMO) Bought by One68 Global Capital LLC

One68 Global Capital LLC purchased a new position in Silicon Motion Technology Co. (NASDAQ:SIMO) in the fourth quarter, Holdings Channel.com reports. The firm purchased 18,000 shares of the semiconductor producer’s stock, valued at approximately $973,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of SIMO. JPMorgan Chase & Co. increased its holdings in Silicon Motion Technology by 21.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 200,016 shares of the semiconductor producer’s stock valued at $12,149,000 after acquiring an additional 35,741 shares during the last quarter. Perigon Wealth Management LLC acquired a new stake in shares of Silicon Motion Technology during the fourth quarter worth $431,000. Rhumbline Advisers grew its position in Silicon Motion Technology by 8.7% during the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer’s stock worth $306,000 after purchasing an additional 453 shares during the period. Blue Trust Inc. raised its holdings in Silicon Motion Technology by 64.7% in the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock worth $122,000 after purchasing an additional 883 shares during the period. Finally, 272 Capital LP lifted its position in shares of Silicon Motion Technology by 55.3% in the third quarter. 272 Capital LP now owns 101,391 shares of the semiconductor producer’s stock valued at $6,158,000 after acquiring an additional 36,092 shares in the last quarter. 78.02% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $70.00 price target on shares of Silicon Motion Technology in a report on Friday, February 7th. StockNews.com lowered shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. Finally, Bank of America raised shares of Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price target for the company in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $79.00.

Silicon Motion Technology Stock Up 1.5 %

SIMO opened at $45.16 on Wednesday. The company’s 50-day moving average price is $48.67 and its 200 day moving average price is $52.68. Silicon Motion Technology Co. has a fifty-two week low of $37.21 and a fifty-two week high of $85.87. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 16.79, a price-to-earnings-growth ratio of 1.36 and a beta of 0.81.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.16. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The firm had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. During the same period in the prior year, the firm posted $0.64 earnings per share. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. Research analysts anticipate that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

Silicon Motion Technology declared that its board has authorized a stock repurchase plan on Wednesday, February 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the semiconductor producer to purchase up to 2.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

About Silicon Motion Technology

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.