Lord Abbett & CO. LLC Has $92.23 Million Position in Silicon Motion Technology Corporation $SIMO

Lord Abbett & CO. LLC lessened its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 12.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 994,977 shares of the semiconductor producer’s stock after selling 139,707 shares during the period. Lord Abbett & CO. LLC owned 2.93% of Silicon Motion Technology worth $92,234,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of SIMO. Brown Brothers Harriman & Co. acquired a new position in Silicon Motion Technology in the 3rd quarter worth about $26,000. WealthCollab LLC increased its stake in shares of Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after buying an additional 151 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 366 shares during the period. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Silicon Motion Technology in the fourth quarter valued at about $71,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Silicon Motion Technology in the second quarter valued at about $75,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

Shares of SIMO stock opened at $280.49 on Friday. The company has a market cap of $9.51 billion, a P/E ratio of 55.76, a PEG ratio of 0.67 and a beta of 1.72. The stock has a 50 day simple moving average of $214.29 and a two-hundred day simple moving average of $147.40. Silicon Motion Technology Corporation has a fifty-two week low of $66.07 and a fifty-two week high of $314.34.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping 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 business had revenue of $342.11 million during the quarter, compared to the consensus estimate of $299.53 million. During the same period in the previous year, the company posted $0.60 earnings per share. The firm’s revenue for the quarter was up 105.5% on a year-over-year basis. On average, research analysts predict that Silicon Motion Technology Corporation will post 7.65 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Craig Hallum reissued a “buy” rating and issued a $250.00 price target on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Susquehanna increased their price target on Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. Roth Mkm reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. Wall Street Zen upgraded shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Finally, B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $205.63.

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.