Silicon Motion Technology Co. (NASDAQ:SIMO) Position Reduced by Beryl Capital Management LLC

Beryl Capital Management LLC trimmed its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 30.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 70,500 shares of the semiconductor producer's stock after selling 30,359 shares during the period. Silicon Motion Technology makes up about 0.9% of Beryl Capital Management LLC's holdings, making the stock its 15th biggest holding. Beryl Capital Management LLC owned 0.21% of Silicon Motion Technology worth $3,811,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SIMO. Ameriprise Financial Inc. raised its stake in shares of Silicon Motion Technology by 124.6% during the fourth quarter. Ameriprise Financial Inc. now owns 6,430 shares of the semiconductor producer's stock valued at $345,000 after purchasing an additional 32,576 shares during the period. Apis Capital Advisors LLC raised its holdings in Silicon Motion Technology by 37.9% in the fourth quarter. Apis Capital Advisors LLC now owns 80,000 shares of the semiconductor producer's stock valued at $4,324,000 after acquiring an additional 22,000 shares in the last quarter. One68 Global Capital LLC bought a new position in Silicon Motion Technology during the 4th quarter valued at $973,000. Northern Trust Corp grew its holdings in Silicon Motion Technology by 3,234.2% during the 4th quarter. Northern Trust Corp now owns 136,636 shares of the semiconductor producer's stock worth $7,385,000 after acquiring an additional 132,538 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Silicon Motion Technology by 33.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 763,419 shares of the semiconductor producer's stock worth $41,263,000 after purchasing an additional 192,603 shares during the last quarter. Institutional investors and hedge funds own 78.02% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on SIMO shares. B. Riley boosted their price objective on Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, May 1st. StockNews.com cut Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Needham & Company LLC decreased their price target on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Bank of America raised Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target on the stock in a report on Wednesday, April 23rd. Finally, Wedbush reaffirmed an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.88.

Silicon Motion Technology Stock Performance

Shares of SIMO stock traded up $0.23 during midday trading on Friday, reaching $53.02. 162,354 shares of the company were exchanged, compared to its average volume of 368,765. The company's 50 day moving average price is $48.09 and its two-hundred day moving average price is $52.47. The company has a market cap of $1.80 billion, a P/E ratio of 19.71, a PEG ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a 12 month low of $37.21 and a 12 month high of $85.87.

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

Silicon Motion Technology declared that its board has initiated a stock buyback program on Wednesday, February 5th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the semiconductor producer to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is 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.