Silicon Motion Technology Corporation (NASDAQ:SIMO) Stock Holdings Increased by GAMMA Investing LLC

GAMMA Investing LLC lifted its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 2,477.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 22,600 shares of the semiconductor producer's stock after buying an additional 21,723 shares during the quarter. GAMMA Investing LLC owned approximately 0.07% of Silicon Motion Technology worth $1,143,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Choreo LLC bought a new stake in shares of Silicon Motion Technology in the 4th quarter worth approximately $209,000. Van ECK Associates Corp lifted its stake in Silicon Motion Technology by 204.6% in the fourth quarter. Van ECK Associates Corp now owns 8,271 shares of the semiconductor producer's stock valued at $447,000 after buying an additional 5,556 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Silicon Motion Technology by 8.7% during the fourth 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. TradeLink Capital LLC acquired a new position in shares of Silicon Motion Technology during the fourth quarter valued at $228,000. Finally, Inspire Advisors LLC grew its position in shares of Silicon Motion Technology by 3.7% during the fourth quarter. Inspire Advisors LLC now owns 13,026 shares of the semiconductor producer's stock worth $704,000 after acquiring an additional 467 shares during the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Trading Up 4.5%

NASDAQ:SIMO traded up $3.08 during midday trading on Thursday, hitting $71.49. 456,904 shares of the stock were exchanged, compared to its average volume of 384,343. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 25.62, a P/E/G ratio of 1.65 and a beta of 0.80. Silicon Motion Technology Corporation has a one year low of $37.21 and a one year high of $85.87. The business has a 50-day moving average price of $56.09 and a two-hundred day moving average price of $54.46.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.16. The company had revenue of $166.49 million for the quarter, compared to analysts' expectations of $162.69 million. Silicon Motion Technology had a return on equity of 12.00% and a net margin of 12.06%. The firm's revenue for the quarter was down 12.1% on a year-over-year basis. During the same period last year, the firm earned $0.64 EPS. Sell-side analysts forecast that Silicon Motion Technology Corporation will post 3.08 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Wedbush reiterated an "outperform" rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Needham & Company LLC cut their price target 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. Citigroup upgraded Silicon Motion Technology to a "buy" rating in a research report on Wednesday. Bank of America upgraded Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 target price on the stock in a research report on Wednesday. Finally, B. Riley reiterated a "buy" rating and set a $90.00 price target (up previously from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, Silicon Motion Technology currently has an average rating of "Moderate Buy" and an average price target of $83.89.

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.