41,200 Shares in Silicon Motion Technology Corporation $SIMO Bought by UNICOM Systems Inc.

UNICOM Systems Inc. acquired a new stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) during the 2nd quarter, Holdings Channel reports. The fund acquired 41,200 shares of the semiconductor producer’s stock, valued at approximately $13,733,000. Silicon Motion Technology comprises approximately 0.9% of UNICOM Systems Inc.’s portfolio, making the stock its 26th biggest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL bought a new position in Silicon Motion Technology during the 2nd quarter worth about $88,000. Foster Group Inc. bought a new stake in shares of Silicon Motion Technology in the second quarter valued at about $307,000. Mirador Capital Partners LP bought a new stake in shares of Silicon Motion Technology in the second quarter valued at about $2,908,000. Canandaigua National Bank & Trust Co. acquired a new position in shares of Silicon Motion Technology during the second quarter worth about $483,000. Finally, Financial Enhancement Group LLC acquired a new position in shares of Silicon Motion Technology during the second quarter worth about $267,000. 78.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Wedbush increased their price objective on Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. B. Riley Financial upped their price target on Silicon Motion Technology from $312.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silicon Motion Technology in a research note on Monday. Wall Street Zen upgraded shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Finally, Craig Hallum reissued a “buy” rating and issued a $325.00 price objective on shares of Silicon Motion Technology in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $341.43.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $256.12 on Friday. The business has a 50-day moving average of $286.45 and a 200-day moving average of $201.70. The stock has a market capitalization of $8.69 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 0.46 and a beta of 1.71. Silicon Motion Technology Corporation has a fifty-two week low of $71.35 and a fifty-two week high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.30. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The business had revenue of $451.00 million for the quarter, compared to analyst estimates of $403.41 million. During the same quarter in the prior year, the company posted $0.69 earnings per share. Silicon Motion Technology’s revenue was up 127.0% on a year-over-year basis. On average, sell-side analysts expect that Silicon Motion Technology Corporation will post 10.78 EPS for the current year.

Insider Activity at Silicon Motion Technology

In related news, Director Han-Ping Shieh sold 1,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total value of $328,000.00. Following the completion of the transaction, the director directly owned 7,500 shares of the company’s stock, valued at approximately $2,460,000. This trade represents a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the firm’s stock in a transaction 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 transaction, the director directly owned 8,500 shares of the company’s stock, valued at $2,592,500. This represents a 19.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,000 shares of company stock worth $1,239,250 in the last ninety days. Insiders own 5.34% of the company’s stock.

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.