Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Sold by Boothbay Fund Management LLC

Boothbay Fund Management LLC decreased its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO) by 69.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,987 shares of the semiconductor producer’s stock after selling 46,347 shares during the quarter. Boothbay Fund Management LLC owned about 0.06% of Silicon Motion Technology worth $1,080,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of SIMO. Geode Capital Management LLC raised its holdings in shares of Silicon Motion Technology by 0.7% in the third quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer’s stock valued at $2,183,000 after buying an additional 253 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Silicon Motion Technology by 7.2% during the 4th quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer’s stock valued at $214,000 after acquiring an additional 267 shares during the last quarter. Rhumbline Advisers lifted its position in Silicon Motion Technology by 8.7% during the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer’s stock worth $306,000 after acquiring an additional 453 shares during the period. Inspire Advisors LLC grew its stake in shares of Silicon Motion Technology by 3.7% in the 4th quarter. Inspire Advisors LLC now owns 13,026 shares of the semiconductor producer’s stock valued at $704,000 after purchasing an additional 467 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Silicon Motion Technology by 123.2% in the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock valued at $47,000 after purchasing an additional 484 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

Wall Street Analysts Forecast Growth

SIMO has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $70.00 price objective on shares of Silicon Motion Technology in a research report on Friday, February 7th. StockNews.com downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Finally, Bank of America raised shares of Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price target for the company in a report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $79.00.

Silicon Motion Technology Price Performance

SIMO opened at $44.49 on Tuesday. Silicon Motion Technology Co. has a 1-year low of $37.21 and a 1-year high of $85.87. The stock has a market cap of $1.50 billion, a P/E ratio of 16.54, a P/E/G ratio of 1.36 and a beta of 0.81. The stock’s 50 day simple moving average is $48.96 and its 200 day simple moving average is $52.73.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. Research analysts expect that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology announced that its board has initiated a share repurchase plan on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board 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.