Polar Asset Management Partners Inc. Sells 17,300 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Polar Asset Management Partners Inc. cut its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 9.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 162,700 shares of the semiconductor producer's stock after selling 17,300 shares during the period. Polar Asset Management Partners Inc. owned 0.48% of Silicon Motion Technology worth $8,794,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. SG Capital Management LLC bought a new position in Silicon Motion Technology during the fourth quarter worth about $15,006,000. Pertento Partners LLP increased its holdings 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 worth $63,072,000 after buying an additional 277,462 shares in the last quarter. Wellington Management Group LLP raised its position in Silicon Motion Technology by 40.1% in the fourth quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after purchasing an additional 228,333 shares during the last quarter. Lord Abbett & CO. LLC boosted 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 worth $71,612,000 after buying an additional 221,017 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Silicon Motion Technology by 22.8% during the fourth quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock worth $56,146,000 after purchasing an additional 192,646 shares during the period. 78.02% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SIMO has been the subject of several recent analyst reports. Needham & Company LLC decreased their target price on 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. Wall Street Zen downgraded shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. B. Riley lifted their price objective on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. 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 shares of 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 equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $75.88.

Silicon Motion Technology Stock Up 1.2%

SIMO traded up $0.75 during trading on Thursday, hitting $63.03. 411,296 shares of the company's stock were exchanged, compared to its average volume of 386,133. Silicon Motion Technology Co. has a fifty-two week low of $37.21 and a fifty-two week high of $85.87. The stock has a market cap of $2.14 billion, a P/E ratio of 23.43, a PEG ratio of 1.36 and a beta of 0.72. The business's 50 day moving average is $50.35 and its two-hundred day moving average is $53.08.

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, topping analysts' consensus estimates of $0.44 by $0.16. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The company had revenue of $166.49 million for the quarter, compared to analyst estimates of $162.69 million. During the same quarter in the prior year, the business posted $0.64 EPS. The firm's revenue was down 12.1% compared to the same quarter last year. On average, sell-side analysts forecast that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

Silicon Motion Technology declared that its board has authorized a share buyback plan on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Silicon Motion Technology Company Profile

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.