Wells Fargo & Company MN Has $496,000 Holdings in Silicon Motion Technology Co. (NASDAQ:SIMO)

Wells Fargo & Company MN trimmed its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 36.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,169 shares of the semiconductor producer's stock after selling 5,165 shares during the period. Wells Fargo & Company MN's holdings in Silicon Motion Technology were worth $496,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of Silicon Motion Technology by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer's stock worth $2,183,000 after acquiring an additional 253 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Silicon Motion Technology by 21.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 200,016 shares of the semiconductor producer's stock valued at $12,149,000 after purchasing an additional 35,741 shares during the period. GAMMA Investing LLC increased its stake in 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 in the last quarter. Reinhart Partners LLC. raised its holdings in Silicon Motion Technology by 5.1% during the 4th quarter. Reinhart Partners LLC. now owns 1,135,738 shares of the semiconductor producer's stock worth $61,387,000 after buying an additional 55,363 shares during the period. Finally, FNY Investment Advisers LLC lifted its stake in Silicon Motion Technology by 65.1% during the fourth quarter. FNY Investment Advisers LLC now owns 9,000 shares of the semiconductor producer's stock valued at $486,000 after buying an additional 3,550 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company's stock.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO traded up $0.86 during trading hours on Wednesday, hitting $53.35. The stock had a trading volume of 271,237 shares, compared to its average volume of 369,833. The company has a market capitalization of $1.81 billion, a P/E ratio of 19.83, a P/E/G ratio of 1.36 and a beta of 0.72. The firm's 50-day moving average price is $48.20 and its two-hundred day moving average price is $52.49. Silicon Motion Technology Co. has a 52 week low of $37.21 and a 52 week high of $85.87.

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

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on SIMO. Needham & Company LLC cut their price target 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. Wedbush reissued an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. StockNews.com cut Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Bank of America raised Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target on the stock in a research report on Wednesday, April 23rd. Finally, B. Riley raised their price objective 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. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $75.88.

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.