Entropy Technologies LP Buys 3,295 Shares of Silicon Motion Technology Corporation $SIMO

Entropy Technologies LP grew its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 49.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 9,895 shares of the semiconductor producer’s stock after buying an additional 3,295 shares during the period. Entropy Technologies LP’s holdings in Silicon Motion Technology were worth $1,111,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Brown Brothers Harriman & Co. acquired a new stake in Silicon Motion Technology during the third quarter worth about $26,000. WealthCollab LLC raised its holdings in Silicon Motion Technology by 77.4% in the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after acquiring an additional 151 shares in the last quarter. Arax Advisory Partners lifted its position in shares of Silicon Motion Technology by 220.9% in the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after acquiring an additional 307 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after acquiring an additional 366 shares during the period. Finally, MeadowBrook Investment Advisors LLC acquired a new stake in shares of Silicon Motion Technology during the 4th quarter worth approximately $71,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Down 9.8%

SIMO stock opened at $244.45 on Tuesday. The business has a fifty day moving average of $291.08 and a 200-day moving average of $193.84. Silicon Motion Technology Corporation has a twelve month low of $71.35 and a twelve month high of $355.00. The company has a market cap of $8.29 billion, a P/E ratio of 48.60, a PEG ratio of 0.60 and a beta of 1.70.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. The firm had revenue of $342.11 million for 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%. The business’s revenue for the quarter was up 105.5% on a year-over-year basis. During the same period last year, the firm earned $0.60 earnings per share. As a group, equities research analysts anticipate that Silicon Motion Technology Corporation will post 8.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Han-Ping Shieh sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the transaction, the director 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kuan-Ming Lin sold 2,000 shares of the company’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 transaction of $610,000.00. Following the completion of the sale, the director directly owned 8,500 shares of the company’s stock, valued at $2,592,500. The trade was a 19.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,000 shares of company stock worth $1,239,250 over the last quarter. 5.34% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SIMO. Wedbush boosted their price objective on Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a research report on Monday, June 22nd. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Finally, Susquehanna raised their price objective on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $246.43.

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.