Goldman Sachs Group Inc. increased its stake in shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) by 3,894.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 407,410 shares of the semiconductor producer’s stock after buying an additional 397,210 shares during the period. Goldman Sachs Group Inc. owned approximately 1.15% of Silicon Motion Technology Corp. worth $19,046,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SIMO. Meridian Wealth Management LLC acquired a new position in Silicon Motion Technology Corp. during the first quarter worth approximately $484,000. Driehaus Capital Management LLC raised its position in Silicon Motion Technology Corp. by 110.4% in the first quarter. Driehaus Capital Management LLC now owns 480,238 shares of the semiconductor producer’s stock worth $22,451,000 after buying an additional 252,006 shares in the last quarter. Park West Asset Management LLC acquired a new position in Silicon Motion Technology Corp. during the first quarter worth approximately $18,700,000. York Capital Management Global Advisors LLC raised its position in Silicon Motion Technology Corp. by 23.4% in the first quarter. York Capital Management Global Advisors LLC now owns 231,679 shares of the semiconductor producer’s stock worth $10,831,000 after buying an additional 43,979 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Silicon Motion Technology Corp. by 270.5% in the first quarter. Renaissance Technologies LLC now owns 410,779 shares of the semiconductor producer’s stock worth $19,204,000 after buying an additional 299,900 shares in the last quarter. 80.90% of the stock is currently owned by institutional investors.

Silicon Motion Technology Corp. (NASDAQ SIMO) traded down 0.45% during midday trading on Tuesday, reaching $42.38. 310,988 shares of the company traded hands. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 13.59 and a beta of 0.68. The stock’s 50 day moving average is $45.82 and its 200 day moving average is $45.79. Silicon Motion Technology Corp. has a one year low of $37.37 and a one year high of $56.25.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last posted its quarterly earnings data on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by $0.04. The company had revenue of $132.70 million during the quarter, compared to the consensus estimate of $132.92 million. Silicon Motion Technology Corp. had a return on equity of 20.64% and a net margin of 18.47%. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter last year, the company posted $0.86 earnings per share. On average, equities analysts anticipate that Silicon Motion Technology Corp. will post $2.67 earnings per share for the current year.

Silicon Motion Technology Corp. declared that its Board of Directors has approved a share repurchase plan on Monday, July 31st that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the semiconductor producer to purchase up to 13.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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A number of research firms recently commented on SIMO. Needham & Company LLC reaffirmed a “buy” rating and set a $56.00 price target (down from $60.00) on shares of Silicon Motion Technology Corp. in a research report on Tuesday, April 11th. ValuEngine lowered shares of Silicon Motion Technology Corp. from a “buy” rating to a “hold” rating in a research report on Friday, June 16th. B. Riley reissued a “buy” rating and issued a $68.75 target price on shares of Silicon Motion Technology Corp. in a report on Wednesday, April 26th. Loop Capital decreased their target price on shares of Silicon Motion Technology Corp. from $61.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, July 10th. Finally, BidaskClub lowered shares of Silicon Motion Technology Corp. from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $56.84.

Silicon Motion Technology Corp. Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

Institutional Ownership by Quarter for Silicon Motion Technology Corp. (NASDAQ:SIMO)

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