Silicon Motion Technology Corporation $SIMO Position Lowered by Heartland Advisors Inc.

Heartland Advisors Inc. lessened its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 23.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 272,398 shares of the semiconductor producer’s stock after selling 83,372 shares during the period. Silicon Motion Technology accounts for approximately 1.4% of Heartland Advisors Inc.’s portfolio, making the stock its 7th biggest position. Heartland Advisors Inc. owned about 0.80% of Silicon Motion Technology worth $25,251,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Brown Brothers Harriman & Co. purchased a new stake in Silicon Motion Technology in the 3rd quarter valued at about $26,000. WealthCollab LLC raised its holdings in Silicon Motion Technology by 77.4% in the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after buying an additional 151 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Silicon Motion Technology by 169.4% in the 2nd 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 during the period. MeadowBrook Investment Advisors LLC purchased a new stake in Silicon Motion Technology in the 4th quarter valued at about $71,000. Finally, Raymond James Financial Inc. purchased a new stake in Silicon Motion Technology in the 2nd quarter valued at about $75,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

Shares of Silicon Motion Technology stock opened at $251.68 on Thursday. Silicon Motion Technology Corporation has a one year low of $66.07 and a one year high of $314.34. The company has a market cap of $8.53 billion, a PE ratio of 50.04, a P/E/G ratio of 0.63 and a beta of 1.72. The business has a 50-day simple moving average of $207.77 and a 200-day simple moving average of $145.10.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $299.53 million. During the same period in the prior year, the company posted $0.60 earnings per share. The firm’s quarterly revenue was up 105.5% compared to the same quarter last year. On average, sell-side analysts predict that Silicon Motion Technology Corporation will post 7.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SIMO shares. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. Craig Hallum restated a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a report on Thursday, April 30th. Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a 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 company an “overweight” rating in a research report on Friday, May 1st. Finally, Susquehanna lifted their target price on Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock 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.