Harbor Capital Advisors Inc. Raises Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Harbor Capital Advisors Inc. lifted its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 34.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 122,513 shares of the semiconductor producer's stock after acquiring an additional 31,470 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.36% of Silicon Motion Technology worth $6,194,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Capital Management LLC bought a new stake in Silicon Motion Technology in the fourth quarter worth $15,006,000. Pertento Partners LLP increased its position in shares of Silicon Motion Technology by 31.2% during the fourth 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 period. Reinhart Partners LLC. raised its position in shares of Silicon Motion Technology by 20.1% in the 1st quarter. Reinhart Partners LLC. now owns 1,364,291 shares of the semiconductor producer's stock worth $68,979,000 after acquiring an additional 228,553 shares in the last quarter. Wellington Management Group LLP lifted its position in Silicon Motion Technology by 40.1% during the fourth quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after buying an additional 228,333 shares during the period. Finally, Lord Abbett & CO. LLC lifted its position in 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. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts 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 objective for the company in a research report on Wednesday, April 23rd. B. Riley reaffirmed a "buy" rating and issued a $90.00 price target (up previously from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. Needham & Company LLC dropped their price target 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. Finally, Wedbush restated an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Silicon Motion Technology has a consensus rating of "Moderate Buy" and a consensus target price of $77.75.

Silicon Motion Technology Price Performance

NASDAQ SIMO traded down $0.51 during trading hours on Friday, hitting $66.96. The company's stock had a trading volume of 193,584 shares, compared to its average volume of 385,145. Silicon Motion Technology Co. has a 12 month low of $37.21 and a 12 month high of $85.87. The company's 50 day simple moving average is $54.37 and its two-hundred day simple moving average is $54.11. The company has a market cap of $2.28 billion, a P/E ratio of 24.89, a price-to-earnings-growth ratio of 1.36 and a beta of 0.80.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its 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. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The company had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. During the same quarter in the prior year, the company earned $0.64 earnings per share. Silicon Motion Technology's revenue was down 12.1% on a year-over-year basis. As a group, research analysts predict that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal 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.