Skylands Capital LLC Sells 4,550 Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO)

Skylands Capital LLC trimmed its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 5.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 72,000 shares of the semiconductor producer's stock after selling 4,550 shares during the period. Skylands Capital LLC owned approximately 0.21% of Silicon Motion Technology worth $3,640,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Parallel Advisors LLC boosted its position in shares of Silicon Motion Technology by 61.8% in the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock worth $58,000 after purchasing an additional 440 shares during the last quarter. Menard Financial Group LLC acquired a new position in Silicon Motion Technology in the fourth quarter valued at about $88,000. LRI Investments LLC lifted its stake in Silicon Motion Technology by 519.0% in the fourth quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer's stock valued at $164,000 after buying an additional 2,543 shares during the period. Farther Finance Advisors LLC grew its position in shares of Silicon Motion Technology by 66.8% during the 1st quarter. Farther Finance Advisors LLC now owns 3,819 shares of the semiconductor producer's stock worth $195,000 after buying an additional 1,529 shares during the period. Finally, Virtu Financial LLC bought a new stake in shares of Silicon Motion Technology in the 4th quarter valued at about $208,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SIMO. Needham & Company LLC reduced their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. B. Riley reissued a "buy" rating and set a $90.00 price target (up from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. Citigroup upgraded shares of Silicon Motion Technology to a "buy" rating in a research report on Wednesday, June 18th. Bank of America raised Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 price objective on the stock in a research note on Wednesday, June 18th. Finally, Wedbush reiterated an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 30th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $83.89.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO traded down $0.30 during midday trading on Wednesday, reaching $73.99. The company's stock had a trading volume of 277,511 shares, compared to its average volume of 385,427. The company has a market cap of $2.51 billion, a P/E ratio of 26.52, a P/E/G ratio of 12.15 and a beta of 0.85. Silicon Motion Technology Corporation has a fifty-two week low of $37.21 and a fifty-two week high of $85.00. The business's 50 day moving average price is $61.97 and its two-hundred day moving average price is $55.45.

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

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.