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

Centiva Capital LP reduced its stake in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 60.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,115 shares of the semiconductor producer's stock after selling 7,681 shares during the quarter. Centiva Capital LP's holdings in Silicon Motion Technology were worth $276,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SIMO. Quadrant Capital Group LLC boosted its holdings in 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 valued at $214,000 after purchasing an additional 267 shares during the last quarter. Geode Capital Management LLC increased its position in Silicon Motion Technology by 0.8% in the 4th 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 during the period. Rhumbline Advisers grew its stake in shares of Silicon Motion Technology by 8.7% in the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock worth $306,000 after purchasing an additional 453 shares during the last quarter. Inspire Advisors LLC grew its holdings in shares of 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 during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Silicon Motion Technology by 123.2% in the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer's stock worth $47,000 after buying an additional 484 shares during the period. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Up 3.3%

Shares of NASDAQ:SIMO traded up $2.04 on Friday, hitting $63.21. The company had a trading volume of 1,194,516 shares, compared to its average volume of 378,867. 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 $2.15 billion, a price-to-earnings ratio of 23.50, a P/E/G ratio of 1.36 and a beta of 0.72. The firm's 50-day simple moving average is $48.75 and its two-hundred day simple moving average is $52.52.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.16. The firm had revenue of $166.49 million during the quarter, compared to analyst estimates 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 previous year, the business posted $0.64 earnings per share. Equities research analysts anticipate that Silicon Motion Technology Co. will post 3.08 EPS for the current year.

Silicon Motion Technology announced that its board has approved a share repurchase program on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the semiconductor producer to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

SIMO has been the topic of several recent research reports. Bank of America upgraded Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 target price on the stock in a report on Wednesday, April 23rd. StockNews.com cut shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Needham & Company LLC dropped their target price on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. B. Riley upped their price objective on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Finally, Wedbush restated an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Silicon Motion Technology has an average rating of "Moderate Buy" and an average price target of $75.88.

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.