Two Sigma Advisers LP Has $4.28 Million Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Two Sigma Advisers LP reduced its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 35.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 79,181 shares of the semiconductor producer's stock after selling 42,800 shares during the period. Two Sigma Advisers LP owned approximately 0.24% of Silicon Motion Technology worth $4,280,000 at the end of the most recent quarter.

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

Silicon Motion Technology Trading Down 1.5%

NASDAQ SIMO traded down $0.95 during trading on Friday, reaching $62.08. 56,787 shares of the company's stock were exchanged, compared to its average volume of 385,701. Silicon Motion Technology Co. has a fifty-two week low of $37.21 and a fifty-two week high of $85.87. The firm has a market capitalization of $2.11 billion, a PE ratio of 23.05, a P/E/G ratio of 1.36 and a beta of 0.72. The company's fifty day simple moving average is $50.35 and its 200-day simple moving average is $53.08.

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 for the quarter, topping analysts' consensus estimates of $0.44 by $0.16. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The company had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. During the same period last year, the business earned $0.64 EPS. The business's quarterly revenue was down 12.1% on a year-over-year basis. Equities analysts forecast that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology announced that its board has authorized a share buyback program on Wednesday, February 5th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the semiconductor producer to repurchase 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 shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SIMO. Wall Street Zen lowered Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Wedbush reiterated an "outperform" rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Bank of America upgraded 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 decreased their price target on 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. Finally, B. Riley raised their price objective on Silicon Motion Technology from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.88.

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.