Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Purchased by First Trust Advisors LP

First Trust Advisors LP boosted its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) by 62.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,117 shares of the semiconductor producer’s stock after purchasing an additional 23,921 shares during the quarter. First Trust Advisors LP owned approximately 0.18% of Silicon Motion Technology worth $3,357,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of SIMO. GAMMA Investing LLC increased its stake in shares of Silicon Motion Technology by 123.2% during the fourth 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 period. Blue Trust Inc. increased its position in shares of 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 last quarter. Virtu Financial LLC acquired a new stake in shares of Silicon Motion Technology in the 4th quarter valued at $208,000. Choreo LLC purchased a new stake in shares of Silicon Motion Technology during the 4th quarter worth $209,000. Finally, Quadrant Capital Group LLC grew its stake in shares of Silicon Motion Technology by 7.2% during the fourth quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer’s stock worth $214,000 after purchasing an additional 267 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Price Performance

Shares of NASDAQ:SIMO opened at $53.51 on Friday. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 1.36 and a beta of 0.81. The business’s 50 day simple moving average is $48.31 and its 200-day simple moving average is $52.54. 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 earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.16. The company had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. Silicon Motion Technology’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.64 earnings per share. On average, equities analysts anticipate that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

Silicon Motion Technology announced that its board has initiated a share repurchase plan on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Wedbush reiterated an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday. Needham & Company LLC reduced their target price on Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday. B. Riley raised their price target on Silicon Motion Technology from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday. Bank of America upgraded Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price objective for the company in a research note on Wednesday, April 23rd. Finally, StockNews.com lowered shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Silicon Motion Technology has a consensus rating of “Moderate Buy” and an average price target of $75.88.

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.