Clearline Capital LP Sells 15,846 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Clearline Capital LP trimmed its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 8.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 172,996 shares of the semiconductor producer’s stock after selling 15,846 shares during the quarter. Silicon Motion Technology comprises 1.2% of Clearline Capital LP’s portfolio, making the stock its 28th biggest holding. Clearline Capital LP’s holdings in Silicon Motion Technology were worth $9,350,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake 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 buying an additional 484 shares during the last quarter. Blue Trust Inc. grew its stake in Silicon Motion Technology by 64.7% in the 4th 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. Choreo LLC purchased a new stake in shares of Silicon Motion Technology during the 4th quarter valued at $209,000. Virtu Financial LLC bought a new stake in shares of Silicon Motion Technology during the 4th quarter worth $208,000. Finally, Quadrant Capital Group LLC grew its position in shares of Silicon Motion Technology by 7.2% during the 4th 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 during the period. Institutional investors own 78.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Needham & Company LLC decreased their price objective 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. B. Riley lifted their price target on Silicon Motion Technology from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 1st. Bank of America upgraded Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 target price for the company in a research note on Wednesday, April 23rd. StockNews.com lowered shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. Finally, Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $75.88.

Silicon Motion Technology Trading Up 1.6 %

Shares of NASDAQ SIMO opened at $53.35 on Thursday. The firm has a fifty day simple moving average of $48.14 and a two-hundred day simple moving average of $52.50. The firm has a market capitalization of $1.81 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a 12 month low of $37.21 and a 12 month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 11.63% and a net margin of 11.29%. The business’s revenue was down 12.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 EPS. On average, sell-side analysts predict that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

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