Raymond James & Associates reduced its stake in Silicon Motion Technology Co. (NASDAQ:SIMO – Get Rating ) by 22.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,200 shares of the semiconductor maker’s stock after selling 3,011 shares during the quarter. Raymond James & Associates’ holdings in Silicon Motion Technology were worth $665,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Pinebridge Investments LP raised its position in shares of Silicon Motion Technology by 127.0% in the second quarter. Pinebridge Investments LP now owns 454 shares of the semiconductor maker’s stock valued at $38,000 after purchasing an additional 254 shares in the last quarter. Covestor Ltd purchased a new position in Silicon Motion Technology in the first quarter worth about $97,000. Alta Advisers Ltd boosted its holdings in Silicon Motion Technology by 11.6% in the second quarter. Alta Advisers Ltd now owns 2,009 shares of the semiconductor maker’s stock valued at $168,000 after buying an additional 209 shares during the last quarter. Captrust Financial Advisors boosted its holdings in Silicon Motion Technology by 197.3% in the second quarter. Captrust Financial Advisors now owns 2,069 shares of the semiconductor maker’s stock valued at $173,000 after buying an additional 1,373 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC bought a new position in Silicon Motion Technology in the second quarter worth about $204,000. 66.67% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street analysts forecast growth
A number of equities analysts have commented on the stock. StockNews.com assumed coverage on shares of Silicon Motion Technology in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Susquehanna raised shares of Silicon Motion Technology from a “neutral” rating to a “positive” rating and set a $108.00 target price for the company in a research report on Wednesday, October 5th. Needham & Company LLC raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Wednesday, November 2nd. Finally, Susquehanna Bancshares raised shares of Silicon Motion Technology to a “positive” rating and set a $108.00 target price for the company in a report on Wednesday, October 5th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Moderate Buy” and an average price target of $101.60, according to MarketBeat.
Silicon Motion Technology Price Performance
NASDAQ:SIMO opened at $64.48 on Tuesday. The firm has a market cap of $2.13 billion, a P/E ratio of 10.45, a PEG ratio of 2.41 and a beta of 0.92. Silicon Motion Technology Co. has a 1-year low of $51.82 and a 1-year high of $98.65. The company’s fifty day moving average is $64.29 and its 200 day moving average is $68.32.
Silicon Motion Technology (NASDAQ:SIMO – Get Rating ) last posted its quarterly earnings data on Tuesday, November 1st. The semiconductor maker reported $1.29 earnings per share for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.51). The business had revenue of $250.81 million during the quarter, compared to analyst estimates of $279.33 million. Silicon Motion Technology had a return on equity of 32.05% and a net margin of 20.76%. Equities analysts expect that Silicon Motion Technology Co. will post 5.74 EPS for the current fiscal year.
Silicon Motion Technology Profile
(Get Rating)
Silicon Motion Technology Corp. is engaged in the development, manufacture and supply of semiconductor products for the electronics market. The company’s products include flash controllers, storage solutions and more. It offers built-in and expandable storage, RF integrated circuits and integrated graphics.
More information
This instant news alert is generated by narrative science technology and financial data from MarketBeat to provide readers with the fastest and most accurate reporting. This story was reviewed by the MarketBeat editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Before you consider Silicon Motion Technology, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated and top-performing research analysts and the stocks they recommend to their clients daily. MarketBeat identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market takes a nosedive … and Silicon Motion Technology wasn’t on the list.
While Silicon Motion Technology currently has a “Moderate Buy” rating among analysts, the top-rated analysts think these five stocks are better buys.
Check out the five stocks here
