William Blair Investment Management LLC boosted its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 170.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 947,862 shares of the semiconductor producer’s stock after buying an additional 597,352 shares during the period. William Blair Investment Management LLC owned about 2.65% of Silicon Motion Technology Corporation worth $45,715,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Sei Investments Co. boosted its position in shares of Silicon Motion Technology Corporation by 4.7% in the first quarter. Sei Investments Co. now owns 6,106 shares of the semiconductor producer’s stock valued at $286,000 after buying an additional 275 shares during the period. Great Lakes Advisors LLC raised its stake in shares of Silicon Motion Technology Corporation by 8.6% in the first quarter. Great Lakes Advisors LLC now owns 6,753 shares of the semiconductor producer’s stock worth $316,000 after buying an additional 535 shares in the last quarter. Independent Portfolio Consultants Inc. raised its stake in shares of Silicon Motion Technology Corporation by 11.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 8,540 shares of the semiconductor producer’s stock worth $399,000 after buying an additional 875 shares in the last quarter. US Bancorp DE raised its stake in shares of Silicon Motion Technology Corporation by 71.5% in the first quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock worth $102,000 after buying an additional 915 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in shares of Silicon Motion Technology Corporation by 16.5% in the first quarter. Envestnet Asset Management Inc. now owns 6,922 shares of the semiconductor producer’s stock worth $324,000 after buying an additional 982 shares in the last quarter. Institutional investors and hedge funds own 84.49% of the company’s stock.

Shares of Silicon Motion Technology Corporation (NASDAQ SIMO) opened at 42.21 on Wednesday. The company has a market cap of $1.51 billion, a P/E ratio of 14.27 and a beta of 0.68. The firm has a 50-day moving average of $43.33 and a 200 day moving average of $45.98. Silicon Motion Technology Corporation has a 52 week low of $37.37 and a 52 week high of $56.25.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last posted its quarterly earnings data on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by $0.04. The firm had revenue of $132.70 million during the quarter, compared to the consensus estimate of $132.92 million. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. Silicon Motion Technology Corporation’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.86 EPS. Equities analysts anticipate that Silicon Motion Technology Corporation will post $2.67 earnings per share for the current fiscal year.

Silicon Motion Technology Corporation declared that its board has authorized a share buyback plan on Monday, July 31st that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the semiconductor producer to purchase up to 13.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

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SIMO has been the topic of a number of analyst reports. Zacks Investment Research lowered Silicon Motion Technology Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Pacific Crest lifted their price objective on Silicon Motion Technology Corporation from $51.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, May 1st. ValuEngine lowered Silicon Motion Technology Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 16th. Loop Capital reduced their target price on Silicon Motion Technology Corporation from $61.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, July 10th. Finally, BidaskClub lowered Silicon Motion Technology Corporation from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $56.63.

About Silicon Motion Technology Corporation

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.

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

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