Peregrine Capital Management LLC Sells 3,814 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Peregrine Capital Management LLC cut its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO – Get Rating) by 3.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 115,495 shares of the semiconductor producer’s stock after selling 3,814 shares during the quarter. Peregrine Capital Management LLC owned 0.35% of Silicon Motion Technology worth $7,506,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Covestor Ltd acquired a new position in shares of Silicon Motion Technology in the 1st quarter worth approximately $97,000. Quadrant Capital Group LLC boosted its position in Silicon Motion Technology by 220.4% during the third quarter. Quadrant Capital Group LLC now owns 1,586 shares of the semiconductor producer’s stock worth $103,000 after purchasing an additional 1,091 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Silicon Motion Technology during the third quarter worth about $116,000. Captrust Financial Advisors boosted its position in shares of Silicon Motion Technology by 197.3% in the second quarter. Captrust Financial Advisors now owns 2,069 shares of the semiconductor producer’s stock valued at $173,000 after acquiring an additional 1,373 shares during the period. Finally, Quent Capital LLC bought a new position in shares of Silicon Motion Technology in the third quarter valued at approximately $196,000. 66.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on SIMO. StockNews.com began coverage on shares of Silicon Motion Technology in a research note on Thursday. They set a “hold” rating on the stock. Needham & Company LLC boosted their target price on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, February 8th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $103.60.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock opened at $64.41 on Friday. The stock has a market capitalization of $2.13 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 4.36 and a beta of 0.91. Silicon Motion Technology Co. has a 12 month low of $51.82 and a 12 month high of $98.65. The business has a 50 day simple moving average of $66.04 and a 200-day simple moving average of $64.56.

Silicon Motion Technology (NASDAQ:SIMO – Get Rating) last released its quarterly earnings data on Tuesday, February 7th. The semiconductor producer reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.16). Silicon Motion Technology had a return on equity of 25.65% and a net margin of 18.24%. The company had revenue of $200.76 million for the quarter, compared to analyst estimates of $256.71 million. During the same period last year, the firm posted $1.73 EPS. The business’s quarterly revenue was down 24.1% on a year-over-year basis. On average, equities research analysts anticipate that Silicon Motion Technology Co. will post 2.96 EPS for the current fiscal year.

About Silicon Motion Technology

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Silicon Motion Technology Corp. engages in the development, manufacture and supply of semiconductor products for the electronics market. The firm products include Flash Controllers, Storage Solutions, and others. It offers embedded and expandable storage, radio frequency integrated circuits and embedded graphics.