Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Sold by Melqart Asset Management UK Ltd

Melqart Asset Management UK Ltd lessened its position in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 3.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 215,039 shares of the semiconductor producer's stock after selling 7,258 shares during the quarter. Silicon Motion Technology accounts for 1.4% of Melqart Asset Management UK Ltd's portfolio, making the stock its 22nd largest position. Melqart Asset Management UK Ltd owned about 0.64% of Silicon Motion Technology worth $11,623,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SIMO. GAMMA Investing LLC boosted its position in shares of Silicon Motion Technology by 123.2% in the 4th quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer's stock worth $47,000 after purchasing an additional 484 shares in the last quarter. Blue Trust Inc. raised its stake in Silicon Motion Technology by 64.7% in the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer's stock worth $122,000 after acquiring an additional 883 shares during the last quarter. Choreo LLC purchased a new position in Silicon Motion Technology in the 4th quarter worth $209,000. Virtu Financial LLC purchased a new position in Silicon Motion Technology in the 4th quarter worth $208,000. Finally, Quadrant Capital Group LLC raised its stake in shares of Silicon Motion Technology by 7.2% during 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 during the last quarter. Institutional investors own 78.02% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Needham & Company LLC reduced their price objective on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday. Wedbush restated an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday. Bank of America upgraded Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 target price on the stock in a research report on Wednesday, April 23rd. Finally, StockNews.com cut Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $78.38.

Silicon Motion Technology Stock Performance

Shares of SIMO traded up $4.34 during midday trading on Wednesday, hitting $49.50. The company had a trading volume of 1,495,122 shares, compared to its average volume of 371,396. The company's 50-day simple moving average is $48.67 and its 200-day simple moving average is $52.68. The firm has a market capitalization of $1.67 billion, a P/E ratio of 18.40, a P/E/G ratio of 1.36 and a beta of 0.81. Silicon Motion Technology Co. has a 1 year low of $37.21 and a 1 year high of $85.87.

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

Silicon Motion Technology announced that its board has approved a stock buyback program on Wednesday, February 5th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

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.