Inspire Advisors LLC Cuts Stock Position in Silicon Motion Technology Co. (NASDAQ:SIMO)

Inspire Advisors LLC lessened its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO) by 3.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,559 shares of the semiconductor producer’s stock after selling 515 shares during the period. Inspire Advisors LLC’s holdings in Silicon Motion Technology were worth $763,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. lifted its stake in shares of Silicon Motion Technology by 3,971.4% in the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 556 shares during the last quarter. Headlands Technologies LLC bought a new stake in Silicon Motion Technology in the second quarter worth $139,000. LRI Investments LLC purchased a new position in Silicon Motion Technology during the first quarter worth $150,000. PNC Financial Services Group Inc. increased its position in Silicon Motion Technology by 48.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the semiconductor producer’s stock valued at $155,000 after acquiring an additional 821 shares during the last quarter. Finally, HBK Sorce Advisory LLC purchased a new stake in shares of Silicon Motion Technology in the first quarter valued at $204,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Analyst Upgrades and Downgrades

SIMO has been the subject of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Roth Mkm dropped their target price on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. Bank of America downgraded Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $90.00 to $60.00 in a report on Friday, August 16th. B. Riley decreased their price target on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.11.

Silicon Motion Technology Trading Down 0.5 %

Shares of SIMO stock opened at $55.94 on Friday. Silicon Motion Technology Co. has a twelve month low of $51.85 and a twelve month high of $85.87. The stock has a fifty day simple moving average of $60.03 and a two-hundred day simple moving average of $70.81. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 23.91, a P/E/G ratio of 0.93 and a beta of 0.83.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The company had revenue of $210.67 million during the quarter, compared to analyst estimates of $206.75 million. During the same period in the prior year, the firm earned $0.33 earnings per share. The firm’s revenue for the quarter was up 50.1% compared to the same quarter last year. Research analysts predict that Silicon Motion Technology Co. will post 2.86 EPS for the current fiscal year.

Silicon Motion Technology 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.