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

Jump Financial LLC decreased its holdings in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 78.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,755 shares of the semiconductor producer's stock after selling 28,921 shares during the quarter. Jump Financial LLC's holdings in Silicon Motion Technology were worth $419,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC grew its position in Silicon Motion Technology by 123.2% in the 4th quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer's stock valued at $47,000 after acquiring an additional 484 shares during the last quarter. Blue Trust Inc. increased its position in shares of Silicon Motion Technology by 64.7% during the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer's stock worth $122,000 after acquiring an additional 883 shares during the period. Choreo LLC bought a new stake in shares of Silicon Motion Technology during the fourth quarter valued at approximately $209,000. Virtu Financial LLC purchased a new stake in shares of Silicon Motion Technology in the fourth quarter valued at approximately $208,000. Finally, Quadrant Capital Group LLC grew its stake in Silicon Motion Technology by 7.2% in 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. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. StockNews.com lowered shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Bank of America upgraded shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective on the stock in a research note on Wednesday. Finally, Needham & Company LLC reissued a "buy" rating and issued a $70.00 price objective on shares of Silicon Motion Technology in a research note on Friday, February 7th. Two investment analysts have rated the stock with 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 a consensus target price of $79.00.

Silicon Motion Technology Trading Up 2.4 %

Shares of Silicon Motion Technology stock traded up $1.05 during trading hours on Friday, reaching $45.11. The stock had a trading volume of 343,736 shares, compared to its average volume of 365,304. The stock's 50 day moving average is $49.25 and its 200 day moving average is $52.89. 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 $1.52 billion, a PE ratio of 16.77, a PEG ratio of 1.36 and a beta of 0.81.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly earnings results 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%. As a group, sell-side analysts predict 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 buyback program on Wednesday, February 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the semiconductor producer to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are 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.