Renaissance Technologies LLC Has $7.49 Million Stake in Silicon Motion Technology Co. (NASDAQ:SIMO)

Renaissance Technologies LLC reduced its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 45.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 138,579 shares of the semiconductor producer's stock after selling 115,800 shares during the period. Renaissance Technologies LLC owned about 0.41% of Silicon Motion Technology worth $7,490,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of SIMO. Pertento Partners LLP raised its holdings 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 purchasing an additional 277,462 shares during the period. Reinhart Partners LLC. raised its stake in Silicon Motion Technology by 5.1% during the fourth quarter. Reinhart Partners LLC. now owns 1,135,738 shares of the semiconductor producer's stock worth $61,387,000 after acquiring an additional 55,363 shares during the period. Lord Abbett & CO. LLC lifted its holdings in Silicon Motion Technology by 21.7% in the third quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer's stock worth $67,051,000 after acquiring an additional 196,609 shares during the last quarter. Invesco Ltd. boosted its stake in Silicon Motion Technology by 22.8% in the fourth quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock valued at $56,146,000 after acquiring an additional 192,646 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of Silicon Motion Technology by 40.1% during 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 last quarter. Institutional investors own 78.02% of the company's stock.

Analysts Set New Price Targets

SIMO has been the subject of a number of analyst reports. StockNews.com lowered Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Needham & Company LLC reaffirmed a "buy" rating and issued a $70.00 price objective on shares of Silicon Motion Technology in a report on Friday, February 7th. Finally, Bank of America raised shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 target price for the company in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $79.00.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock traded up $2.34 during trading on Wednesday, hitting $41.74. The stock had a trading volume of 341,800 shares, compared to its average volume of 362,530. The business has a fifty day moving average of $50.07 and a two-hundred day moving average of $53.23. Silicon Motion Technology Co. has a fifty-two week low of $37.21 and a fifty-two week high of $85.87. The firm has a market cap of $1.41 billion, a P/E ratio of 15.57, 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 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, research analysts forecast that Silicon Motion Technology Co. will post 3.08 earnings per share for the current year.

Silicon Motion Technology announced that its Board of Directors has approved a stock repurchase plan on Wednesday, February 5th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the semiconductor producer to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

About Silicon Motion Technology

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.