Prospect Capital Advisors LLC Reduces Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Prospect Capital Advisors LLC reduced its position in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 21.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 178,350 shares of the semiconductor producer's stock after selling 48,000 shares during the period. Silicon Motion Technology makes up 5.6% of Prospect Capital Advisors LLC's investment portfolio, making the stock its 5th largest holding. Prospect Capital Advisors LLC owned about 0.53% of Silicon Motion Technology worth $9,640,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Lord Abbett & CO. LLC increased its holdings in Silicon Motion Technology by 20.0% during 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 in the last quarter. Pertento Partners LLP raised its position 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 during the last quarter. Invesco Ltd. boosted its holdings in 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 acquiring an additional 192,646 shares during the last quarter. Wellington Management Group LLP increased its stake in 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 buying an additional 228,333 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Silicon Motion Technology by 33.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 763,419 shares of the semiconductor producer's stock worth $41,263,000 after purchasing an additional 192,603 shares during the last quarter. Institutional investors and hedge funds own 78.02% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on SIMO shares. Needham & Company LLC dropped 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 report on Wednesday, April 30th. StockNews.com lowered Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Bank of America upgraded Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective for the company in a report on Wednesday, April 23rd. Wedbush reaffirmed an "outperform" rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Finally, B. Riley increased their price target 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, May 1st. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Silicon Motion Technology presently has a consensus rating of "Moderate Buy" and an average price target of $75.88.

Silicon Motion Technology Trading Up 0.1%

Shares of SIMO stock traded up $0.06 during trading hours on Tuesday, reaching $64.21. 324,300 shares of the stock were exchanged, compared to its average volume of 381,248. Silicon Motion Technology Co. has a 12-month low of $37.21 and a 12-month high of $85.87. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 23.94, a price-to-earnings-growth ratio of 1.36 and a beta of 0.72. The company's 50-day moving average price is $48.99 and its 200-day moving average price is $52.59.

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 for the quarter, topping the consensus estimate 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 firm had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. During the same period in the prior year, the business posted $0.64 earnings per share. The company's revenue for the quarter was down 12.1% on a year-over-year basis. On average, sell-side analysts expect that Silicon Motion Technology Co. will post 3.08 EPS for the current year.

Silicon Motion Technology announced that its board has approved a stock repurchase plan on Wednesday, February 5th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is 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.