Summit Partners Public Asset Management LLC Raises Holdings in Silicon Motion Technology Corporation $SIMO

Summit Partners Public Asset Management LLC increased its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 33.7% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 534,932 shares of the semiconductor producer’s stock after acquiring an additional 134,927 shares during the period. Silicon Motion Technology makes up about 1.0% of Summit Partners Public Asset Management LLC’s holdings, making the stock its 27th largest holding. Summit Partners Public Asset Management LLC owned approximately 1.57% of Silicon Motion Technology worth $49,588,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in SIMO. Royal Bank of Canada lifted its stake 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 purchasing an additional 32,527 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake 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 purchasing an additional 44,976 shares in the last quarter. Geode Capital Management LLC lifted its stake 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 purchasing an additional 962 shares in the last quarter. Creative Planning acquired a new position in Silicon Motion Technology in the 2nd quarter valued at about $324,000. Finally, Legal & General Group Plc grew its position in 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 valued at $732,000 after acquiring an additional 5,704 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SIMO shares. Wall Street Zen raised Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Craig Hallum reaffirmed a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Wedbush lifted their target price on Silicon Motion Technology from $180.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, April 30th. Weiss Ratings downgraded Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Finally, Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $205.63.

Silicon Motion Technology Trading Up 2.3%

Shares of NASDAQ SIMO opened at $282.68 on Wednesday. The stock has a market cap of $9.59 billion, a P/E ratio of 56.20, a PEG ratio of 0.67 and a beta of 1.72. Silicon Motion Technology Corporation has a 12-month low of $68.41 and a 12-month high of $314.34. The business’s fifty day simple moving average is $220.91 and its 200-day simple moving average is $150.57.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.27. The business had revenue of $342.11 million for the quarter, compared to analysts’ expectations of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The company’s revenue for the quarter was up 105.5% compared to the same quarter last year. During the same period last year, the firm earned $0.60 earnings per share. On average, equities analysts forecast that Silicon Motion Technology Corporation will post 7.65 EPS for the current fiscal year.

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.