Concentric Capital Strategies LP Sells 29,851 Shares of Silicon Motion Technology Corporation $SIMO

Concentric Capital Strategies LP lowered its stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 30.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 69,044 shares of the semiconductor producer’s stock after selling 29,851 shares during the quarter. Concentric Capital Strategies LP’s holdings in Silicon Motion Technology were worth $6,400,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Balyasny Asset Management L.P. increased its position in Silicon Motion Technology by 12.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 142,561 shares of the semiconductor producer’s stock worth $13,215,000 after purchasing an additional 15,254 shares in the last quarter. Boothbay Fund Management LLC boosted its position in Silicon Motion Technology by 29.8% in the fourth quarter. Boothbay Fund Management LLC now owns 63,081 shares of the semiconductor producer’s stock valued at $5,848,000 after buying an additional 14,482 shares in the last quarter. Guggenheim Capital LLC bought a new stake in shares of Silicon Motion Technology during the fourth quarter worth $1,085,000. Hawk Ridge Capital Management LP increased its holdings in shares of Silicon Motion Technology by 111.3% during the fourth quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock worth $73,024,000 after buying an additional 415,000 shares in the last quarter. Finally, Jain Global LLC increased its holdings in shares of Silicon Motion Technology by 137.6% during the fourth quarter. Jain Global LLC now owns 61,789 shares of the semiconductor producer’s stock worth $5,728,000 after buying an additional 35,782 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on SIMO. JPMorgan Chase & Co. increased their target price on Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Wall Street Zen upgraded shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Finally, Wedbush upped their price target on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $222.14.

Silicon Motion Technology Stock Up 8.6%

NASDAQ:SIMO opened at $307.12 on Thursday. Silicon Motion Technology Corporation has a twelve month low of $68.79 and a twelve month high of $316.28. The company has a fifty day moving average of $224.72 and a 200-day moving average of $152.11. The firm has a market capitalization of $10.41 billion, a P/E ratio of 61.06, a P/E/G ratio of 0.69 and a beta of 1.72.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The firm had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. During the same quarter last year, the firm posted $0.60 earnings per share. The company’s revenue for the quarter was up 105.5% compared to the same quarter last year. On average, analysts anticipate that Silicon Motion Technology Corporation will post 7.65 EPS for the current fiscal year.

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.