Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Sold by Fmr LLC

FMR LLC lowered its stake in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 2.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,177,128 shares of the semiconductor producer's stock after selling 62,446 shares during the quarter. FMR LLC owned about 6.46% of Silicon Motion Technology worth $117,674,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of SIMO. Pertento Partners LLP boosted its position in Silicon Motion Technology by 31.2% in the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock valued at $63,072,000 after buying an additional 277,462 shares during the period. Wellington Management Group LLP boosted its holdings in Silicon Motion Technology by 40.1% in the fourth quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after purchasing an additional 228,333 shares during the period. Oddo BHF Asset Management Sas acquired a new position in Silicon Motion Technology during the 3rd quarter worth $13,211,000. Lord Abbett & CO. LLC grew its stake 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. Finally, Massachusetts Financial Services Co. MA increased its holdings in Silicon Motion Technology by 33.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 696,293 shares of the semiconductor producer's stock worth $37,635,000 after purchasing an additional 172,867 shares during the period. Hedge funds and other institutional investors own 78.02% of the company's stock.

Analyst Upgrades and Downgrades

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

Silicon Motion Technology Stock Performance

SIMO traded down $0.62 during trading on Friday, hitting $39.22. The stock had a trading volume of 327,460 shares, compared to its average volume of 358,834. Silicon Motion Technology Co. has a twelve month low of $37.21 and a twelve month high of $85.87. The firm has a market capitalization of $1.32 billion, a P/E ratio of 14.58, a PEG ratio of 1.36 and a beta of 0.81. The company's 50-day moving average price is $50.70 and its 200 day moving average price is $53.58.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings data 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%. As a group, equities analysts expect that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology announced that its board has authorized a share repurchase program on Wednesday, February 5th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors 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.