Cubist Systematic Strategies LLC Decreases Stock Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Cubist Systematic Strategies LLC trimmed its stake in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 66.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm 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.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Perigon Wealth Management LLC purchased a new stake in shares of Silicon Motion Technology in the 4th quarter worth about $431,000. Rhumbline Advisers lifted its position in Silicon Motion Technology by 8.7% during the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock valued at $306,000 after acquiring an additional 453 shares during the period. Choreo LLC purchased a new position in Silicon Motion Technology during the 4th quarter valued at about $209,000. Blue Trust Inc. lifted its position in Silicon Motion Technology by 64.7% during the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer's stock valued at $122,000 after acquiring an additional 883 shares during the period. Finally, Sei Investments Co. lifted its position in Silicon Motion Technology by 7.1% during the 4th quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer's stock valued at $3,179,000 after acquiring an additional 3,875 shares during the period. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Down 2.1%

Silicon Motion Technology stock traded down $1.37 during trading hours on Friday, hitting $63.70. The stock had a trading volume of 470,664 shares, compared to its average volume of 384,455. The stock has a market capitalization of $2.16 billion, a P/E ratio of 23.68, a price-to-earnings-growth 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. The stock's 50-day moving average price is $49.74 and its 200-day moving average price is $52.85.

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

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

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Bank of America raised 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 report on Wednesday, April 23rd. Needham & Company LLC lowered 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 report on Wednesday, April 30th. Wedbush reissued an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. B. Riley lifted their price target 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, Wall Street Zen cut shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Silicon Motion Technology presently has an average rating of "Moderate Buy" and an average price target of $75.88.

Silicon Motion Technology 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.