Systematic Financial Management LP Trims Stake in Silicon Motion Technology Corporation $SIMO

Systematic Financial Management LP trimmed its holdings in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 0.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 582,826 shares of the semiconductor producer’s stock after selling 5,491 shares during the quarter. Silicon Motion Technology comprises about 1.3% of Systematic Financial Management LP’s holdings, making the stock its 12th largest position. Systematic Financial Management LP owned 1.72% of Silicon Motion Technology worth $54,028,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SIMO. Royal Bank of Canada grew its position in Silicon Motion Technology by 87.6% during the first quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock worth $3,522,000 after buying an additional 32,527 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Silicon Motion Technology by 155.0% during the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after buying an additional 44,976 shares in the last quarter. Geode Capital Management LLC grew its position in Silicon Motion Technology by 2.6% during the second quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock worth $2,842,000 after buying an additional 962 shares in the last quarter. Creative Planning purchased a new position in Silicon Motion Technology during the second quarter worth about $324,000. Finally, Legal & General Group Plc boosted its holdings in shares of Silicon Motion Technology by 141.4% in the 2nd quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer’s stock worth $732,000 after purchasing an additional 5,704 shares in the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Price Performance

SIMO opened at $276.14 on Friday. Silicon Motion Technology Corporation has a one year low of $60.35 and a one year high of $278.50. The business has a 50 day simple moving average of $166.53 and a two-hundred day simple moving average of $127.65. The firm has a market capitalization of $9.36 billion, a price-to-earnings ratio of 54.90, a PEG ratio of 0.85 and a beta of 1.67.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The firm had revenue of $342.11 million for the quarter, compared to the consensus estimate of $299.53 million. During the same quarter in the prior year, the business earned $0.60 EPS. The business’s revenue for the quarter was up 105.5% on a year-over-year basis. As a group, sell-side analysts expect that Silicon Motion Technology Corporation will post 7.77 EPS for the current fiscal year.

Analysts Set New Price Targets

SIMO has been the subject of a number of research reports. Craig Hallum reiterated a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a report on Thursday, April 30th. Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Needham & Company LLC upped their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Wedbush upped their price objective on Silicon Motion Technology from $180.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. Finally, Susquehanna upped their price objective on Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Silicon Motion Technology has an average rating of “Buy” and a consensus target price of $205.63.

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.