Renaissance Technologies LLC Buys 12,900 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Renaissance Technologies LLC grew its stake in shares of Silicon Motion Technology Co. (NASDAQ:SIMO – Get Rating) by 20.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 75,000 shares of the semiconductor producer’s stock after buying an additional 12,900 shares during the period. Renaissance Technologies LLC’s holdings in Silicon Motion Technology were worth $4,889,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SIMO. Covestor Ltd bought a new position in shares of Silicon Motion Technology during the 1st quarter valued at about $97,000. Quadrant Capital Group LLC lifted its holdings in shares of Silicon Motion Technology by 220.4% during the 3rd quarter. Quadrant Capital Group LLC now owns 1,586 shares of the semiconductor producer’s stock valued at $103,000 after purchasing an additional 1,091 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Silicon Motion Technology during the 3rd quarter valued at about $116,000. Captrust Financial Advisors lifted its holdings in shares of Silicon Motion Technology by 197.3% during the 2nd quarter. Captrust Financial Advisors now owns 2,069 shares of the semiconductor producer’s stock valued at $173,000 after purchasing an additional 1,373 shares in the last quarter. Finally, Quent Capital LLC bought a new position in shares of Silicon Motion Technology during the 3rd quarter valued at about $196,000. Institutional investors own 66.67% of the company’s stock.

Analyst Ratings Changes

Separately, Needham & Company LLC lifted their price objective on Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, February 8th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Silicon Motion Technology currently has an average rating of “Moderate Buy” and an average price target of $103.60.

Silicon Motion Technology Stock Performance

Shares of Silicon Motion Technology stock opened at $63.36 on Friday. The business’s 50 day simple moving average is $66.17 and its 200 day simple moving average is $65.12. Silicon Motion Technology Co. has a 52-week low of $51.82 and a 52-week high of $98.65. The firm has a market cap of $2.09 billion, a PE ratio of 12.30, a P/E/G ratio of 4.36 and a beta of 0.91.

Silicon Motion Technology (NASDAQ:SIMO – Get Rating) last announced its earnings results on Tuesday, February 7th. The semiconductor producer reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.16). Silicon Motion Technology had a net margin of 18.24% and a return on equity of 25.65%. The firm had revenue of $200.76 million during the quarter, compared to analyst estimates of $256.71 million. During the same period in the prior year, the business posted $1.73 EPS. The firm’s quarterly revenue was down 24.1% compared to the same quarter last year. As a group, equities research analysts predict that Silicon Motion Technology Co. will post 2.96 EPS for the current year.

Silicon Motion Technology Profile

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Silicon Motion Technology Corp. engages in the development, manufacture and supply of semiconductor products for the electronics market. The firm products include Flash Controllers, Storage Solutions, and others. It offers embedded and expandable storage, radio frequency integrated circuits and embedded graphics.