Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Bought by Point72 Asset Management L.P.

Point72 Asset Management L.P. raised its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO) by 128.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 69,631 shares of the semiconductor producer’s stock after acquiring an additional 39,131 shares during the period. Point72 Asset Management L.P.’s holdings in Silicon Motion Technology were worth $3,764,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Pertento Partners LLP increased its holdings in shares of Silicon Motion Technology by 31.2% during the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer’s stock worth $63,072,000 after buying an additional 277,462 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Silicon Motion Technology by 40.1% during the 4th quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer’s stock worth $43,088,000 after buying an additional 228,333 shares during the last quarter. Lord Abbett & CO. LLC increased its holdings in shares of Silicon Motion Technology by 20.0% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer’s stock worth $71,612,000 after buying an additional 221,017 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Silicon Motion Technology by 22.8% during the 4th quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer’s stock worth $56,146,000 after buying an additional 192,646 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Silicon Motion Technology by 33.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 763,419 shares of the semiconductor producer’s stock worth $41,263,000 after buying an additional 192,603 shares during the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SIMO. StockNews.com downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Bank of America raised shares of Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price objective for the company in a research report on Wednesday, April 23rd. B. Riley increased their price objective on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Finally, Needham & Company LLC lowered their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $75.88.

Silicon Motion Technology Stock Up 1.5%

NASDAQ:SIMO opened at $65.10 on Wednesday. Silicon Motion Technology Co. has a 52 week low of $37.21 and a 52 week high of $85.87. The company has a fifty day simple moving average of $48.99 and a two-hundred day simple moving average of $52.59. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 24.20, a price-to-earnings-growth ratio of 1.36 and a beta of 0.72.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $162.69 million. During the same period last year, the business posted $0.64 earnings per share. Silicon Motion Technology’s revenue was down 12.1% compared to the same quarter last year. On average, analysts expect that Silicon Motion Technology Co. will post 3.08 EPS for the current year.

Silicon Motion Technology declared that its board has approved a stock buyback program on Wednesday, February 5th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the semiconductor producer to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Silicon Motion Technology Company 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.