Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Sold by Centiva Capital LP

Centiva Capital LP cut its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 60.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,115 shares of the semiconductor producer's stock after selling 7,681 shares during the period. Centiva Capital LP's holdings in Silicon Motion Technology were worth $276,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Quadrant Capital Group LLC grew its stake in shares of Silicon Motion Technology by 7.2% during the fourth quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer's stock valued at $214,000 after acquiring an additional 267 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Silicon Motion Technology by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 36,248 shares of the semiconductor producer's stock valued at $1,959,000 after acquiring an additional 300 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Silicon Motion Technology by 8.7% during the fourth quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock valued at $306,000 after acquiring an additional 453 shares in the last quarter. Inspire Advisors LLC grew its stake in shares of Silicon Motion Technology by 3.7% during the fourth quarter. Inspire Advisors LLC now owns 13,026 shares of the semiconductor producer's stock valued at $704,000 after acquiring an additional 467 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Silicon Motion Technology by 123.2% during the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer's stock valued at $47,000 after acquiring an additional 484 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on SIMO. StockNews.com downgraded Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note 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 target for the company in a research note on Wednesday, April 23rd. Wedbush reiterated an "outperform" rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. 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 note on Thursday, May 1st. Finally, Needham & Company LLC decreased their price target on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Silicon Motion Technology has a consensus rating of "Moderate Buy" and a consensus price target of $75.88.

Silicon Motion Technology Stock Up 6.6%

Shares of SIMO stock opened at $57.07 on Tuesday. The business has a 50 day moving average of $48.11 and a two-hundred day moving average of $52.40. Silicon Motion Technology Co. has a 52 week low of $37.21 and a 52 week high of $85.87. The company has a market cap of $1.94 billion, a P/E ratio of 21.22, a PEG ratio of 1.36 and a beta of 0.72.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. During the same period in the previous year, the firm posted $0.64 earnings per share. Silicon Motion Technology's quarterly revenue was down 12.1% compared to the same quarter last year. Analysts expect that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology announced that its Board of Directors has approved a stock buyback program on Wednesday, February 5th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the semiconductor producer to buy up to 2.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors 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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