Silicon Motion Technology Corporation (NASDAQ:SIMO) Shares Purchased by Deltec Asset Management LLC

Deltec Asset Management LLC raised its holdings in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 78.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,500 shares of the semiconductor producer's stock after acquiring an additional 5,950 shares during the quarter. Deltec Asset Management LLC's holdings in Silicon Motion Technology were worth $683,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Quadrant Capital Group LLC boosted its stake 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 purchasing an additional 267 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Silicon Motion Technology by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 36,248 shares of the semiconductor producer's stock worth $1,959,000 after purchasing an additional 300 shares during the last quarter. Twinbeech Capital LP boosted its stake in shares of Silicon Motion Technology by 4.2% during the 4th quarter. Twinbeech Capital LP now owns 10,773 shares of the semiconductor producer's stock worth $582,000 after purchasing an additional 438 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Silicon Motion Technology by 61.8% during the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock worth $58,000 after purchasing an additional 440 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Silicon Motion Technology by 8.7% during the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock worth $306,000 after purchasing an additional 453 shares during the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on SIMO. Wedbush reaffirmed an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Roth Capital raised their price target on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the stock a "buy" rating in a research note on Tuesday. Bank of America raised shares of Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 price target on the stock in a research note on Wednesday. Citigroup raised shares of Silicon Motion Technology to a "buy" rating in a research report on Wednesday. Finally, Needham & Company LLC decreased their target price on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $83.89.

Silicon Motion Technology Stock Down 2.1%

Shares of SIMO traded down $1.53 during mid-day trading on Friday, hitting $69.96. The company had a trading volume of 290,864 shares, compared to its average volume of 383,259. The business's 50-day simple moving average is $57.32 and its 200-day simple moving average is $54.66. Silicon Motion Technology Corporation has a 1-year low of $37.21 and a 1-year high of $85.00. The stock has a market cap of $2.38 billion, a PE ratio of 25.08, a P/E/G ratio of 1.69 and a beta of 0.80.

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. The firm had revenue of $166.49 million for the quarter, compared to analysts' expectations of $162.69 million. Silicon Motion Technology had a net margin of 12.06% and a return on equity of 12.00%. Silicon Motion Technology's revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.64 earnings per share. On average, sell-side analysts expect that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current year.

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.