First Trust Advisors LP Acquires 23,921 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

First Trust Advisors LP grew its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 62.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 62,117 shares of the semiconductor producer's stock after purchasing an additional 23,921 shares during the quarter. First Trust Advisors LP owned approximately 0.18% of Silicon Motion Technology worth $3,357,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in shares of Silicon Motion Technology by 0.7% during the third quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer's stock valued at $2,183,000 after buying an additional 253 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Silicon Motion Technology by 7.2% in the 4th quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer's stock worth $214,000 after buying an additional 267 shares during the last quarter. Rhumbline Advisers lifted its position in Silicon Motion Technology by 8.7% in the fourth quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock worth $306,000 after buying an additional 453 shares during the last quarter. Inspire Advisors LLC grew its stake in Silicon Motion Technology by 3.7% in the 4th quarter. Inspire Advisors LLC now owns 13,026 shares of the semiconductor producer's stock worth $704,000 after acquiring an additional 467 shares in the last quarter. Finally, GAMMA Investing LLC lifted 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 during the period. Hedge funds and other institutional investors own 78.02% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SIMO shares. B. Riley lifted their price target on Silicon Motion Technology from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Wedbush reaffirmed an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Bank of America upgraded shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective on the stock in a report on Wednesday, April 23rd. Needham & Company LLC cut their price objective on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Finally, StockNews.com cut Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $75.88.

Silicon Motion Technology Stock Down 0.7 %

NASDAQ:SIMO traded down $0.37 during trading hours on Friday, reaching $52.42. 60,348 shares of the company's stock were exchanged, compared to its average volume of 455,572. Silicon Motion Technology Co. has a 1-year low of $37.21 and a 1-year high of $85.87. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 19.49, a P/E/G ratio of 1.36 and a beta of 0.72. The company has a 50-day moving average of $48.09 and a 200 day moving average of $52.47.

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, topping analysts' consensus estimates of $0.44 by $0.16. The business had revenue of $166.49 million for the quarter, compared to analysts' expectations of $162.69 million. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The business's revenue for the quarter was down 12.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.64 EPS. Research analysts forecast that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

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

Silicon Motion Technology Company 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.