1492 Capital Management LLC Takes Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

1492 Capital Management LLC acquired a new position in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 30,622 shares of the semiconductor producer's stock, valued at approximately $1,655,000. 1492 Capital Management LLC owned 0.09% of Silicon Motion Technology at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Pertento Partners LLP lifted its position in shares of Silicon Motion Technology by 31.2% during the fourth quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock worth $63,072,000 after acquiring an additional 277,462 shares in the last quarter. Reinhart Partners LLC. raised its stake in shares of Silicon Motion Technology by 5.1% during the 4th quarter. Reinhart Partners LLC. now owns 1,135,738 shares of the semiconductor producer's stock valued at $61,387,000 after purchasing an additional 55,363 shares during the period. Lord Abbett & CO. LLC lifted its holdings in Silicon Motion Technology by 21.7% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer's stock worth $67,051,000 after purchasing an additional 196,609 shares in the last quarter. Invesco Ltd. boosted its stake in Silicon Motion Technology by 22.8% in the 4th quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock worth $56,146,000 after purchasing an additional 192,646 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Silicon Motion Technology by 40.1% during the 4th quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after buying an additional 228,333 shares in the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Performance

Shares of NASDAQ:SIMO opened at $39.22 on Friday. The firm has a market capitalization of $1.32 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.36 and a beta of 0.81. Silicon Motion Technology Co. has a 52-week low of $37.21 and a 52-week high of $85.87. The firm has a fifty day moving average of $51.00 and a 200 day moving average of $53.72.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. On average, sell-side analysts forecast that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology announced that its Board of Directors has authorized a share buyback program on Wednesday, February 5th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the semiconductor producer to purchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

SIMO has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $70.00 price target on shares of Silicon Motion Technology in a report on Friday, February 7th. StockNews.com cut shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Finally, Wedbush restated an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a research report on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $80.63.

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.

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