Cubist Systematic Strategies LLC Has $311,000 Stock Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Cubist Systematic Strategies LLC decreased its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 66.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,758 shares of the semiconductor producer's stock after selling 11,526 shares during the period. Cubist Systematic Strategies LLC's holdings in Silicon Motion Technology were worth $311,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SIMO. Quadrant Capital Group LLC grew its position in Silicon Motion Technology by 7.2% in the 4th quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer's stock valued at $214,000 after buying an additional 267 shares in the last quarter. Geode Capital Management LLC grew its position in Silicon Motion Technology by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 36,248 shares of the semiconductor producer's stock valued at $1,959,000 after buying an additional 300 shares in the last quarter. Rhumbline Advisers grew its position in Silicon Motion Technology by 8.7% in the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock valued at $306,000 after buying an additional 453 shares in the last quarter. Inspire Advisors LLC grew its position in Silicon Motion Technology by 3.7% in the 4th quarter. Inspire Advisors LLC now owns 13,026 shares of the semiconductor producer's stock valued at $704,000 after buying an additional 467 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its position in Silicon Motion Technology by 0.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 85,265 shares of the semiconductor producer's stock valued at $4,609,000 after buying an additional 752 shares in the last quarter. Institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO traded up $0.95 during mid-day trading on Tuesday, reaching $65.10. The company had a trading volume of 655,668 shares, compared to its average volume of 383,047. The stock has a fifty day moving average of $48.99 and a two-hundred day moving average of $52.59. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 24.20, a PEG ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a 12-month low of $37.21 and a 12-month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.44 by $0.16. The business had revenue of $166.49 million during the quarter, compared to analyst estimates of $162.69 million. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The firm's revenue was down 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 earnings per share. Sell-side analysts forecast that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SIMO shares. Bank of America upgraded shares of 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. Wedbush restated an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. StockNews.com lowered shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. B. Riley raised 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 report on Thursday, May 1st. Finally, Needham & Company LLC reduced their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $75.88.

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.