SG Capital Management LLC Buys New Stake in Silicon Motion Technology Co. (NASDAQ:SIMO)

SG Capital Management LLC acquired a new stake in Silicon Motion Technology Co. (NASDAQ:SIMO) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 277,631 shares of the semiconductor producer’s stock, valued at approximately $15,006,000. Silicon Motion Technology accounts for 1.5% of SG Capital Management LLC’s holdings, making the stock its 21st biggest holding. SG Capital Management LLC owned approximately 0.82% of Silicon Motion Technology at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SIMO. Perigon Wealth Management LLC purchased a new position in shares of Silicon Motion Technology in the fourth quarter valued at approximately $431,000. Rhumbline Advisers boosted its holdings in Silicon Motion Technology by 8.7% in the fourth quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer’s stock valued at $306,000 after purchasing an additional 453 shares during the period. Choreo LLC acquired a new position in Silicon Motion Technology during the 4th quarter worth $209,000. Blue Trust Inc. increased its holdings in Silicon Motion Technology by 64.7% during the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock worth $122,000 after purchasing an additional 883 shares during the period. Finally, Sei Investments Co. boosted its stake in shares of Silicon Motion Technology by 7.1% in the 4th quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer’s stock valued at $3,179,000 after buying an additional 3,875 shares during the period. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SIMO. Needham & Company LLC reduced their target price 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. StockNews.com cut shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. Bank of America upgraded shares of 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. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Finally, B. Riley upped 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 research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.88.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $61.17 on Friday. The company has a market capitalization of $2.08 billion, a P/E ratio of 22.74, a PEG ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a fifty-two week low of $37.21 and a fifty-two week high of $85.87. The stock has a 50-day simple moving average of $48.55 and a 200-day simple moving average of $52.51.

Silicon Motion Technology (NASDAQ:SIMO) last announced 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. The business had revenue of $166.49 million during 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 was down 12.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 earnings per share. As a group, analysts forecast 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 buyback program on Wednesday, February 5th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board 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.