Adage Capital Partners GP L.L.C. Sells 265,227 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Adage Capital Partners GP L.L.C. trimmed its position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 29.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 628,210 shares of the semiconductor producer's stock after selling 265,227 shares during the period. Adage Capital Partners GP L.L.C. owned 1.87% of Silicon Motion Technology worth $33,955,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Pertento Partners LLP boosted its holdings in Silicon Motion Technology by 31.2% in the fourth quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock worth $63,072,000 after purchasing an additional 277,462 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Silicon Motion Technology by 40.1% in the 4th quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after acquiring an additional 228,333 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new stake in Silicon Motion Technology in the 3rd quarter worth approximately $13,211,000. Lord Abbett & CO. LLC boosted its position in Silicon Motion Technology by 21.7% during the third 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 during the period. Finally, Invesco Ltd. grew its holdings in Silicon Motion Technology by 22.8% during the fourth quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock valued at $56,146,000 after purchasing an additional 192,646 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company's stock.

Wall Street Analyst Weigh In

SIMO has been the subject of several recent analyst reports. Bank of America raised shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective for the company in a report on Wednesday. Needham & Company LLC restated a "buy" rating and set a $70.00 price target on shares of Silicon Motion Technology in a report on Friday, February 7th. Finally, StockNews.com lowered Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Two 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, Silicon Motion Technology presently has a consensus rating of "Moderate Buy" and an average target price of $79.00.

Silicon Motion Technology Trading Up 2.4 %

SIMO traded up $1.05 on Friday, hitting $45.11. 343,736 shares of the stock traded hands, compared to its average volume of 365,304. The business has a fifty day moving average price of $49.25 and a two-hundred day moving average price of $52.89. The firm has a market capitalization of $1.52 billion, a PE ratio of 16.77, a P/E/G 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.

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

Silicon Motion Technology declared that its board has initiated a stock 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 buy up to 2.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is 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.