Granahan Investment Management LLC Acquires 21,371 Shares of Silicon Motion Technology Corporation $SIMO

Granahan Investment Management LLC raised its holdings in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 10.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 229,129 shares of the semiconductor producer’s stock after purchasing an additional 21,371 shares during the period. Granahan Investment Management LLC’s holdings in Silicon Motion Technology were worth $21,240,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SIMO. Royal Bank of Canada increased its stake in shares of 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 valued at $3,522,000 after purchasing an additional 32,527 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of 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 valued at $3,741,000 after purchasing an additional 44,976 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of 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 valued at $2,842,000 after purchasing an additional 962 shares in the last quarter. Creative Planning bought a new position in shares of Silicon Motion Technology during the second quarter valued at approximately $324,000. Finally, Legal & General Group Plc increased its stake in shares of Silicon Motion Technology by 141.4% during the second quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer’s stock valued at $732,000 after purchasing an additional 5,704 shares in the last quarter. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Up 2.3%

Shares of SIMO opened at $282.68 on Wednesday. The company has a market capitalization of $9.59 billion, a P/E ratio of 56.20, a price-to-earnings-growth ratio of 0.67 and a beta of 1.72. The firm has a 50 day moving average of $220.91 and a 200 day moving average of $150.57. Silicon Motion Technology Corporation has a twelve month low of $68.41 and a twelve month high of $314.34.

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

Analyst Ratings Changes

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

Silicon Motion Technology Company Profile

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.