Silicon Motion Technology Corporation $SIMO Shares Bought by Summit Partners Public Asset Management LLC

Summit Partners Public Asset Management LLC raised its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 33.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 534,932 shares of the semiconductor producer’s stock after buying an additional 134,927 shares during the period. Silicon Motion Technology comprises about 1.0% of Summit Partners Public Asset Management LLC’s holdings, making the stock its 27th largest position. Summit Partners Public Asset Management LLC’s holdings in Silicon Motion Technology were worth $49,588,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brown Brothers Harriman & Co. acquired a new stake in Silicon Motion Technology in the third quarter valued at $26,000. WealthCollab LLC raised its stake in Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after buying an additional 151 shares in the last quarter. Arax Advisory Partners raised its stake in Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after buying an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 366 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC acquired a new stake in Silicon Motion Technology in the fourth quarter valued at $71,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SIMO shares. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Wedbush lifted their target price on Silicon Motion Technology from $180.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, April 30th. Weiss Ratings cut Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their target price on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Finally, Roth Mkm reiterated a “buy” rating and set a $250.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $205.63.

Silicon Motion Technology Stock Performance

SIMO opened at $282.68 on Wednesday. The business’s 50-day simple moving average is $220.91 and its 200-day simple moving average is $150.57. Silicon Motion Technology Corporation has a one year low of $68.41 and a one year high of $314.34. The stock has a market capitalization of $9.59 billion, a P/E ratio of 56.20, a price-to-earnings-growth ratio of 0.67 and a beta of 1.72.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS 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 business had revenue of $342.11 million for the quarter, compared to analysts’ expectations of $299.53 million. During the same quarter in the previous year, the firm earned $0.60 earnings per share. The business’s revenue was up 105.5% compared to the same quarter last year. On average, equities research analysts forecast that Silicon Motion Technology Corporation will post 7.65 EPS for the current fiscal year.

Silicon Motion Technology Company 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.