Silicon Motion Technology (NASDAQ:SIMO) Director Kuan-Ming Lin Sells 2,000 Shares

Silicon Motion Technology Corporation (NASDAQ:SIMO) Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total value of $610,000.00. Following the sale, the director directly owned 8,500 shares in the company, valued at approximately $2,592,500. This trade represents a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO opened at $321.66 on Thursday. Silicon Motion Technology Corporation has a 52 week low of $70.12 and a 52 week high of $355.00. The stock has a market capitalization of $10.91 billion, a P/E ratio of 63.95, a PEG ratio of 0.71 and a beta of 1.72. The stock’s fifty day moving average is $244.77 and its 200 day moving average is $160.37.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.27. The business had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. Silicon Motion Technology’s revenue was up 105.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.60 earnings per share. Equities research analysts forecast that Silicon Motion Technology Corporation will post 8.35 earnings per share for the current year.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. grew its stake in shares of Silicon Motion Technology by 25.9% during the first quarter. Pacer Advisors Inc. now owns 4,226 shares of the semiconductor producer’s stock worth $475,000 after buying an additional 869 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Silicon Motion Technology by 33.2% during the 1st quarter. Bank of America Corp DE now owns 244,387 shares of the semiconductor producer’s stock valued at $27,442,000 after acquiring an additional 60,970 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Silicon Motion Technology by 78.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,159 shares of the semiconductor producer’s stock valued at $130,000 after purchasing an additional 511 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Silicon Motion Technology by 4.5% during the first quarter. Royal Bank of Canada now owns 49,037 shares of the semiconductor producer’s stock valued at $5,506,000 after purchasing an additional 2,110 shares in the last quarter. Finally, Hawk Ridge Capital Management LP grew its holdings in shares of Silicon Motion Technology by 48.9% during the first quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer’s stock worth $131,752,000 after purchasing an additional 385,568 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SIMO. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Craig Hallum reiterated a “buy” rating and issued a $250.00 price target on shares of Silicon Motion Technology in a research note on Thursday, April 30th. JPMorgan Chase & Co. boosted their price target on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Finally, Wedbush raised their price objective on Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $246.43.

About Silicon Motion Technology

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.