Deltec Asset Management LLC Purchases 5,950 Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO)

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

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Farther Finance Advisors LLC raised its position in Silicon Motion Technology by 66.8% during the first quarter. Farther Finance Advisors LLC now owns 3,819 shares of the semiconductor producer's stock valued at $195,000 after purchasing an additional 1,529 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Silicon Motion Technology by 8.7% in the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock worth $306,000 after acquiring an additional 453 shares during the last quarter. Sei Investments Co. boosted its position in Silicon Motion Technology by 7.1% during the fourth quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer's stock valued at $3,179,000 after buying an additional 3,875 shares during the period. Pertento Partners LLP boosted its holdings in Silicon Motion Technology by 31.2% during the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock valued at $63,072,000 after acquiring an additional 277,462 shares during the period. Finally, First Trust Advisors LP increased its stake in Silicon Motion Technology by 62.6% in the 4th quarter. First Trust Advisors LP now owns 62,117 shares of the semiconductor producer's stock worth $3,357,000 after purchasing an additional 23,921 shares during the period. Hedge funds and other institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Stock Performance

Shares of SIMO traded up $2.30 during trading hours on Tuesday, hitting $72.32. The company had a trading volume of 319,349 shares, compared to its average volume of 382,399. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of 25.92, a P/E/G ratio of 11.31 and a beta of 0.80. The firm has a fifty day moving average price of $58.51 and a 200-day moving average price of $54.86. Silicon Motion Technology Corporation has a 52-week low of $37.21 and a 52-week high of $85.00.

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 the consensus estimate of $0.44 by $0.16. Silicon Motion Technology had a net margin of 12.06% and a return on equity of 12.00%. The company had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. During the same quarter last year, the firm earned $0.64 earnings per share. The firm's quarterly revenue was down 12.1% compared to the same quarter last year. Research analysts anticipate that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on SIMO shares. B. Riley reaffirmed a "buy" rating and set a $90.00 price objective (up from $75.00) on shares of Silicon Motion Technology in a research note on Thursday, June 5th. Roth Capital boosted their target price on Silicon Motion Technology from $70.00 to $90.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Bank of America upgraded 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 report on Wednesday, June 18th. 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. Finally, 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 research note on Wednesday, April 30th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.89.

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.