Melqart Asset Management UK Ltd Has $9.12 Million Stock Position in Silicon Motion Technology Corporation $SIMO

Melqart Asset Management UK Ltd lowered its holdings in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 7.3% in the fourth quarter, HoldingsChannel reports. The firm owned 98,417 shares of the semiconductor producer’s stock after selling 7,754 shares during the period. Melqart Asset Management UK Ltd’s holdings in Silicon Motion Technology were worth $9,123,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Royal Bank of Canada lifted its position in shares of Silicon Motion Technology by 87.6% in the first quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock valued at $3,522,000 after buying an additional 32,527 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Silicon Motion Technology by 155.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after acquiring an additional 44,976 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Silicon Motion Technology by 2.6% during the 2nd quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock worth $2,842,000 after acquiring an additional 962 shares during the last quarter. Creative Planning bought a new stake in Silicon Motion Technology in the 2nd quarter valued at $324,000. Finally, Legal & General Group Plc lifted its holdings in Silicon Motion Technology by 141.4% during the 2nd quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer’s stock valued at $732,000 after purchasing an additional 5,704 shares during the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Roth Mkm reissued a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. Wedbush lifted their target price on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. Weiss Ratings downgraded shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $205.63.

Silicon Motion Technology Price Performance

SIMO opened at $282.68 on Wednesday. The business has a fifty day simple moving average of $220.91 and a 200 day simple moving average of $150.57. The company has a market capitalization of $9.59 billion, a PE ratio of 56.20, a price-to-earnings-growth ratio of 0.67 and a beta of 1.72. Silicon Motion Technology Corporation has a 1 year low of $68.41 and a 1 year high of $314.34.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $299.53 million. During the same quarter last year, the business earned $0.60 EPS. The company’s quarterly revenue was up 105.5% compared to the same quarter last year. Equities analysts anticipate that Silicon Motion Technology Corporation will post 7.65 earnings per share 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.