Prospect Capital Advisors LLC Has $9.64 Million Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Prospect Capital Advisors LLC trimmed its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 21.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 178,350 shares of the semiconductor producer's stock after selling 48,000 shares during the period. Silicon Motion Technology accounts for approximately 5.6% of Prospect Capital Advisors LLC's portfolio, making the stock its 5th largest holding. Prospect Capital Advisors LLC owned 0.53% of Silicon Motion Technology worth $9,640,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Blue Trust Inc. grew its holdings in Silicon Motion Technology by 64.7% during the fourth 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. LRI Investments LLC boosted its holdings in shares of Silicon Motion Technology by 519.0% in the fourth quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer's stock worth $164,000 after acquiring an additional 2,543 shares during the period. Virtu Financial LLC bought a new position in shares of Silicon Motion Technology in the fourth quarter worth $208,000. Choreo LLC bought a new position in shares of Silicon Motion Technology in the fourth quarter worth $209,000. Finally, Quadrant Capital Group LLC boosted its holdings in shares of Silicon Motion Technology by 7.2% in the fourth quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer's stock worth $214,000 after acquiring an additional 267 shares during the period. 78.02% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SIMO has been the subject of a number of analyst reports. StockNews.com lowered Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Needham & Company LLC cut 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, April 30th. 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. B. Riley raised their price target on Silicon Motion Technology from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Wedbush reaffirmed an "outperform" rating and issued a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $75.88.

Silicon Motion Technology Stock Up 1.4%

Shares of SIMO stock opened at $58.23 on Thursday. The business has a 50-day moving average price of $48.20 and a two-hundred day moving average price of $52.44. 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 cap of $1.98 billion, a P/E ratio of 21.65, a price-to-earnings-growth ratio of 1.36 and a beta of 0.72.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, topping the consensus estimate of $0.44 by $0.16. The firm 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 company's quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.64 earnings per share. As a group, research analysts expect that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology declared that its board has approved a stock buyback program on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management 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.

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