Harbor Capital Advisors Inc. Increases Stake in Silicon Motion Technology Co. (NASDAQ:SIMO)

Harbor Capital Advisors Inc. grew its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 34.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,513 shares of the semiconductor producer's stock after buying an additional 31,470 shares during the period. Harbor Capital Advisors Inc. owned 0.36% of Silicon Motion Technology worth $6,194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of SIMO. Parallel Advisors LLC grew its stake in shares of Silicon Motion Technology by 61.8% during the first quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock valued at $58,000 after buying an additional 440 shares during the last quarter. Menard Financial Group LLC bought a new stake in Silicon Motion Technology during the fourth quarter valued at about $88,000. LRI Investments LLC lifted its position in Silicon Motion Technology by 519.0% during the fourth quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer's stock valued at $164,000 after acquiring an additional 2,543 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Silicon Motion Technology by 66.8% in the 1st 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 during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Silicon Motion Technology in the fourth quarter worth about $208,000. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Trading Up 0.2%

Shares of NASDAQ:SIMO traded up $0.11 during trading on Thursday, hitting $67.10. 34,053 shares of the stock were exchanged, compared to its average volume of 387,510. Silicon Motion Technology Co. has a 12-month low of $37.21 and a 12-month high of $85.87. The company has a market cap of $2.28 billion, a PE ratio of 24.94, a P/E/G ratio of 1.36 and a beta of 0.80. The company has a fifty day moving average price of $53.30 and a two-hundred day moving average price of $53.93.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. During the same quarter in the previous year, the company posted $0.64 EPS. The business's revenue was down 12.1% on a year-over-year basis. Equities research analysts anticipate that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SIMO shares. B. Riley reiterated a "buy" rating and set a $90.00 target price (up previously from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. Wall Street Zen downgraded shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Needham & Company LLC dropped 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. Wedbush reissued an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Finally, Bank of America upgraded Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target for the company in a report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, Silicon Motion Technology has a consensus rating of "Moderate Buy" and an average target price of $77.75.

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.