One68 Global Capital LLC Acquires New Shares in Silicon Motion Technology Co. (NASDAQ:SIMO)

One68 Global Capital LLC purchased a new position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 18,000 shares of the semiconductor producer's stock, valued at approximately $973,000. One68 Global Capital LLC owned approximately 0.05% of Silicon Motion Technology at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Pertento Partners LLP boosted its stake in Silicon Motion Technology by 31.2% in the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock valued at $63,072,000 after buying an additional 277,462 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Silicon Motion Technology by 40.1% in the 4th quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after purchasing an additional 228,333 shares in the last quarter. Lord Abbett & CO. LLC grew its holdings in shares of Silicon Motion Technology by 20.0% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer's stock worth $71,612,000 after purchasing an additional 221,017 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new stake in shares of Silicon Motion Technology during the 3rd quarter worth about $13,211,000. Finally, Invesco Ltd. increased its position in shares of Silicon Motion Technology by 22.8% during the 4th quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock worth $56,146,000 after purchasing an additional 192,646 shares in the last quarter. Institutional investors own 78.02% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SIMO. B. Riley upped their price objective on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday. Needham & Company LLC dropped their price target on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday. Wedbush reiterated an "outperform" rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday. StockNews.com cut Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Finally, Bank of America raised Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target for the company in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $75.88.

Silicon Motion Technology Trading Up 6.3 %

Silicon Motion Technology stock traded up $3.18 during mid-day trading on Friday, hitting $53.51. The stock had a trading volume of 744,209 shares, compared to its average volume of 374,461. The stock has a 50-day simple moving average of $48.31 and a two-hundred day simple moving average of $52.57. The stock has a market capitalization of $1.80 billion, a PE ratio of 19.89, a P/E/G ratio of 1.36 and a beta of 0.81. Silicon Motion Technology Co. has a 12 month low of $37.21 and a 12 month high of $85.87.

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, beating analysts' consensus estimates of $0.44 by $0.16. The company had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The firm's quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.64 EPS. Sell-side analysts expect that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 5th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the semiconductor producer to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its stock is undervalued.

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.