Farallon Capital Management LLC Trims Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Farallon Capital Management LLC decreased its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 19.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 415,000 shares of the semiconductor producer's stock after selling 99,000 shares during the quarter. Farallon Capital Management LLC owned about 1.23% of Silicon Motion Technology worth $22,431,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in shares of Silicon Motion Technology by 21.8% in the third quarter. JPMorgan Chase & Co. now owns 200,016 shares of the semiconductor producer's stock worth $12,149,000 after purchasing an additional 35,741 shares in the last quarter. GAMMA Investing LLC boosted its stake 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 acquiring an additional 484 shares during the period. Reinhart Partners LLC. increased its holdings in shares of Silicon Motion Technology by 5.1% in the fourth quarter. Reinhart Partners LLC. now owns 1,135,738 shares of the semiconductor producer's stock valued at $61,387,000 after purchasing an additional 55,363 shares during the last quarter. FNY Investment Advisers LLC increased its holdings in shares of Silicon Motion Technology by 65.1% in the fourth quarter. FNY Investment Advisers LLC now owns 9,000 shares of the semiconductor producer's stock valued at $486,000 after purchasing an additional 3,550 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Silicon Motion Technology by 0.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 85,265 shares of the semiconductor producer's stock valued at $4,609,000 after purchasing an additional 752 shares during the last quarter. Institutional investors own 78.02% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Bank of America upgraded shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target on the stock in a research note 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 note on Thursday, May 1st. Wedbush reiterated an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research note 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, Needham & Company LLC reduced their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a research note 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 MarketBeat.com, Silicon Motion Technology has a consensus rating of "Moderate Buy" and an average price target of $75.88.

Silicon Motion Technology Trading Up 2.7%

NASDAQ SIMO traded up $1.55 during mid-day trading on Wednesday, hitting $58.97. The company's stock had a trading volume of 359,011 shares, compared to its average volume of 371,568. The company's 50 day simple moving average is $48.20 and its 200 day simple moving average is $52.44. Silicon Motion Technology Co. has a twelve month low of $37.21 and a twelve month high of $85.87. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of 21.92, a PEG ratio of 1.36 and a beta of 0.72.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted 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 business had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. Silicon Motion Technology's revenue was down 12.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 EPS. As a group, research analysts forecast that Silicon Motion Technology Co. will post 3.08 EPS for the current year.

Silicon Motion Technology announced that its board has approved a share buyback program 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 stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is 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.