Farallon Capital Management LLC Cuts Stake in Silicon Motion Technology Co. (NASDAQ:SIMO)

Farallon Capital Management LLC decreased its stake in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 19.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 415,000 shares of the semiconductor producer's stock after selling 99,000 shares during the quarter. Farallon Capital Management LLC owned 1.23% of Silicon Motion Technology worth $22,431,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Pertento Partners LLP raised its position in Silicon Motion Technology by 31.2% in the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock valued at $63,072,000 after buying an additional 277,462 shares during the last quarter. Wellington Management Group LLP lifted its position 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 valued at $43,088,000 after acquiring an additional 228,333 shares during the period. Lord Abbett & CO. LLC lifted its position 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 valued at $71,612,000 after acquiring an additional 221,017 shares during the period. Invesco Ltd. lifted its position 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 lifted its position 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.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Bank of America raised Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target for the company in a research note on Wednesday, April 23rd. Needham & Company LLC dropped their price target 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. Wedbush reissued an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. StockNews.com cut Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Finally, B. Riley lifted their price target 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. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $75.88.

Silicon Motion Technology Trading Up 1.4%

Shares of SIMO stock traded up $0.75 during midday trading on Friday, reaching $53.54. 307,650 shares of the stock were exchanged, compared to its average volume of 369,007. Silicon Motion Technology Co. has a 1 year low of $37.21 and a 1 year high of $85.87. The company's 50 day moving average is $48.08 and its two-hundred day moving average is $52.39. The firm has a market cap of $1.82 billion, a PE ratio of 19.90, a price-to-earnings-growth 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 for the quarter, topping the consensus estimate of $0.44 by $0.16. The company had revenue of $166.49 million for the quarter, compared to the consensus estimate 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 quarterly revenue was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.64 EPS. As a group, equities analysts expect that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology declared that its board has authorized a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its shares are 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.