Royal Bank of Canada Buys 2,110 Shares of Silicon Motion Technology Corporation $SIMO

Royal Bank of Canada increased its position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 4.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 49,037 shares of the semiconductor producer’s stock after buying an additional 2,110 shares during the period. Royal Bank of Canada owned 0.14% of Silicon Motion Technology worth $5,506,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Reinhart Partners LLC. raised its holdings in Silicon Motion Technology by 4.8% in the 4th quarter. Reinhart Partners LLC. now owns 1,573,355 shares of the semiconductor producer’s stock worth $145,851,000 after acquiring an additional 72,421 shares during the period. Hawk Ridge Capital Management LP boosted its holdings in 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 valued at $131,752,000 after acquiring an additional 385,568 shares during the period. Lazard Asset Management LLC grew its position in shares of Silicon Motion Technology by 2.3% in the third quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock valued at $74,299,000 after purchasing an additional 17,741 shares during the last quarter. Wolf Hill Capital Management LP acquired a new stake in shares of Silicon Motion Technology in the fourth quarter valued at about $53,893,000. Finally, Summit Partners Public Asset Management LLC grew its position in shares of Silicon Motion Technology by 33.7% in the fourth quarter. Summit Partners Public Asset Management LLC now owns 534,932 shares of the semiconductor producer’s stock valued at $49,588,000 after purchasing an additional 134,927 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Silicon Motion Technology

In other news, Director Han-Ping Shieh sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total transaction of $328,000.00. Following the sale, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the sale, the director owned 8,500 shares in the company, valued at approximately $2,592,500. This represents a 19.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 4,000 shares of company stock worth $1,239,250 in the last three months. 5.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SIMO. Needham & Company LLC boosted their price objective on Silicon Motion Technology from $240.00 to $355.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. B. Riley Financial raised their target price on Silicon Motion Technology from $312.00 to $350.00 and gave the company a “buy” rating in a report on Friday, July 31st. Wedbush lifted their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. JPMorgan Chase & Co. upped 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. Finally, Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $341.43.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $241.31 on Thursday. The company has a 50-day simple moving average of $282.85 and a 200-day simple moving average of $204.79. Silicon Motion Technology Corporation has a 52 week low of $71.35 and a 52 week high of $355.00. The firm has a market capitalization of $8.18 billion, a P/E ratio of 28.29, a P/E/G ratio of 0.39 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The business had revenue of $451.00 million for the quarter, compared to the consensus estimate of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The firm’s revenue for the quarter was up 127.0% compared to the same quarter last year. During the same period last year, the business earned $0.69 earnings per share. As a group, equities analysts forecast that Silicon Motion Technology Corporation will post 10.78 earnings per share for the current 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.