Apis Capital Advisors LLC Grows Stock Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Apis Capital Advisors LLC boosted its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 37.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 80,000 shares of the semiconductor producer's stock after purchasing an additional 22,000 shares during the quarter. Silicon Motion Technology comprises approximately 2.9% of Apis Capital Advisors LLC's holdings, making the stock its 10th largest position. Apis Capital Advisors LLC owned about 0.24% of Silicon Motion Technology worth $4,324,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings 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 in the last quarter. Blue Trust Inc. boosted its stake 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 bought a new stake in Silicon Motion Technology in the 4th quarter valued at $208,000. Choreo LLC acquired a new position in shares of Silicon Motion Technology in the 4th quarter valued at $209,000. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Silicon Motion Technology by 7.2% during the 4th quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer's stock worth $214,000 after acquiring an additional 267 shares during the period. 78.02% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SIMO has been the topic of a number of recent research reports. Needham & Company LLC decreased their price objective on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. B. Riley increased their price objective on Silicon Motion Technology from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Wedbush reiterated an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. 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 upgraded 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, April 23rd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $75.88.

Silicon Motion Technology Price Performance

Shares of SIMO stock traded down $0.21 on Tuesday, reaching $52.49. 410,407 shares of the stock were exchanged, compared to its average volume of 370,227. The stock has a 50 day moving average price of $48.25 and a 200 day moving average price of $52.49. The stock has a market cap of $1.78 billion, a PE ratio of 19.51, a P/E/G ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a one year low of $37.21 and a one year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.16. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The business had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. During the same period last year, the company posted $0.64 EPS. Silicon Motion Technology's revenue for the quarter was down 12.1% on a year-over-year basis. On average, research analysts expect that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology declared that its board has authorized a stock repurchase program on Wednesday, February 5th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the semiconductor producer to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

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.