Silicon Motion Technology Co. (NASDAQ:SIMO) Stock Position Decreased by Clearline Capital LP

Clearline Capital LP lessened its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 8.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 172,996 shares of the semiconductor producer's stock after selling 15,846 shares during the quarter. Silicon Motion Technology accounts for about 1.2% of Clearline Capital LP's holdings, making the stock its 28th biggest holding. Clearline Capital LP owned approximately 0.51% of Silicon Motion Technology worth $9,350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in SIMO. Geode Capital Management LLC increased its position in shares of Silicon Motion Technology by 0.7% during the third quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer's stock worth $2,183,000 after acquiring an additional 253 shares during the period. Quadrant Capital Group LLC boosted its position in shares of Silicon Motion Technology by 7.2% in the 4th quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer's stock valued at $214,000 after purchasing an additional 267 shares during the period. Rhumbline Advisers boosted its holdings in shares of Silicon Motion Technology by 8.7% in the fourth quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock valued at $306,000 after acquiring an additional 453 shares during the period. Inspire Advisors LLC grew its position in Silicon Motion Technology by 3.7% during the 4th quarter. Inspire Advisors LLC now owns 13,026 shares of the semiconductor producer's stock worth $704,000 after purchasing an additional 467 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Silicon Motion Technology by 123.2% during the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer's stock worth $47,000 after buying an additional 484 shares during the period. Institutional investors and hedge funds own 78.02% of the company's stock.

Wall Street Analyst Weigh In

SIMO has been the topic of a number of analyst reports. B. Riley lifted their price objective on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Bank of America raised shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective on the stock in a research note on Wednesday, April 23rd. Needham & Company LLC cut their price target on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. StockNews.com downgraded shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Finally, 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. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Silicon Motion Technology has an average rating of "Moderate Buy" and an average target price of $75.88.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock traded up $0.75 during trading on Friday, reaching $53.54. 307,650 shares of the company's stock were exchanged, compared to its average volume of 369,007. Silicon Motion Technology Co. has a 52-week low of $37.21 and a 52-week high of $85.87. The company's 50-day moving average is $48.08 and its two-hundred day moving average is $52.42. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 19.90, a PEG ratio of 1.36 and a beta of 0.72.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $162.69 million. During the same period in the prior year, the firm earned $0.64 earnings per share. The business's quarterly revenue was down 12.1% compared to the same quarter last year. Analysts anticipate that Silicon Motion Technology Co. will post 3.08 EPS for the current year.

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