Polar Asset Management Partners Inc. Lowers Stock Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Polar Asset Management Partners Inc. lowered its position in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 9.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Lord Abbett & CO. LLC lifted its holdings 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 in the last quarter. Pertento Partners LLP increased its position in shares of Silicon Motion Technology by 31.2% in the 4th 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 in the last quarter. Invesco Ltd. raised its stake in Silicon Motion Technology by 22.8% during the 4th quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock worth $56,146,000 after buying an additional 192,646 shares during the period. Wellington Management Group LLP lifted its holdings 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 worth $43,088,000 after acquiring an additional 228,333 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Silicon Motion Technology by 33.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 763,419 shares of the semiconductor producer's stock valued at $41,263,000 after acquiring an additional 192,603 shares during the period. Institutional investors and hedge funds own 78.02% of the company's stock.

Analysts Set New Price Targets

SIMO has been the topic of several research analyst reports. Wedbush restated an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 30th. 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 research note on Wednesday, April 23rd. B. Riley lifted their target price on Silicon Motion Technology from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Wall Street Zen lowered shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Finally, Needham & Company LLC decreased their price objective on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Silicon Motion Technology has an average rating of "Moderate Buy" and a consensus price target of $75.88.

Silicon Motion Technology Price Performance

SIMO traded down $2.31 during trading on Friday, hitting $60.72. 522,616 shares of the stock traded hands, compared to its average volume of 388,256. The business has a 50 day moving average price of $50.60 and a 200 day moving average price of $53.23. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a twelve month low of $37.21 and a twelve month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued 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 net margin of 11.29% and a return on equity of 11.63%. The firm had revenue of $166.49 million for the quarter, compared to analyst estimates of $162.69 million. During the same quarter last year, the business posted $0.64 earnings per share. The company's quarterly revenue was down 12.1% on a year-over-year basis. On average, equities research analysts predict that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

Silicon Motion Technology announced that its board has authorized a share buyback program on Wednesday, February 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the semiconductor producer to purchase up to 2.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

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.