Squarepoint Ops LLC Invests $256,000 in Silicon Motion Technology Co. (NASDAQ:SIMO)

Squarepoint Ops LLC purchased a new position in shares of Silicon Motion Technology Co. (NASDAQ:SIMO) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 4,739 shares of the semiconductor producer’s stock, valued at approximately $256,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in SIMO. Rhumbline Advisers lifted its stake in Silicon Motion Technology by 8.7% in the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer’s stock valued at $306,000 after purchasing an additional 453 shares during the last quarter. Choreo LLC bought a new position in Silicon Motion Technology in the 4th quarter valued at approximately $209,000. Sei Investments Co. lifted its stake in Silicon Motion Technology by 7.1% in the 4th quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer’s stock valued at $3,179,000 after purchasing an additional 3,875 shares during the last quarter. Pertento Partners LLP lifted its stake in Silicon Motion Technology by 31.2% in the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer’s stock valued at $63,072,000 after purchasing an additional 277,462 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in Silicon Motion Technology by 62.6% in the 4th quarter. First Trust Advisors LP now owns 62,117 shares of the semiconductor producer’s stock valued at $3,357,000 after purchasing an additional 23,921 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

SIMO stock opened at $67.08 on Friday. The company has a fifty day moving average price of $52.01 and a 200-day moving average price of $53.66. The company has a market capitalization of $2.28 billion, a P/E ratio of 24.94, a PEG ratio of 1.36 and a beta of 0.80. Silicon Motion Technology Co. has a 52-week low of $37.21 and a 52-week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.16. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The company had revenue of $166.49 million during the quarter, compared to analysts’ expectations of $162.69 million. During the same period in the prior year, the company posted $0.64 earnings per share. Silicon Motion Technology’s revenue for the quarter was down 12.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Silicon Motion Technology Co. will post 3.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Bank of America raised shares of Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price objective for the company in a research note on Wednesday, April 23rd. Needham & Company LLC dropped their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Wall Street Zen downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Finally, B. Riley reaffirmed a “buy” rating and set a $90.00 price target (up previously from $75.00) on shares of Silicon Motion Technology in a research note on Thursday. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and an average target price of $77.75.

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.