Silicon Motion Technology (NASDAQ:SIMO) Shares Up 9% – What’s Next?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s share price traded up 9% during trading on Wednesday . The company traded as high as $244.67 and last traded at $244.13. 1,193,166 shares were traded during mid-day trading, an increase of 33% from the average session volume of 900,016 shares. The stock had previously closed at $224.00.

Analyst Ratings Changes

Several brokerages have recently weighed in on SIMO. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. JPMorgan Chase & Co. raised their target price on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Roth Capital reaffirmed a “buy” rating and set a $350.00 target price on shares of Silicon Motion Technology in a report on Thursday, July 30th. Finally, Craig Hallum reiterated a “buy” rating and set a $325.00 price target on shares of Silicon Motion Technology in a research report on Friday, July 31st. One investment 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. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $341.43.

Silicon Motion Technology Stock Up 4.5%

The company has a market cap of $8.83 billion, a PE ratio of 30.65, a P/E/G ratio of 0.42 and a beta of 1.71. The stock has a 50-day moving average of $281.94 and a 200-day moving average of $205.75.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.30. The company had revenue of $451.00 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 127.0% on a year-over-year basis. During the same quarter last year, the company earned $0.69 earnings per share. Research analysts expect that Silicon Motion Technology Corporation will post 10.78 EPS for the current year.

Insider Transactions at Silicon Motion Technology

In related news, Director Han-Ping Shieh sold 1,000 shares of the company’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 value of $328,000.00. Following the transaction, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. This represents a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the completion of the transaction, the director 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 disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 4,000 shares of company stock valued at $1,239,250. Corporate insiders own 5.34% of the company’s stock.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of SIMO. Assetmark Inc. increased its holdings in shares of Silicon Motion Technology by 2.3% in the 1st quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock worth $316,000 after buying an additional 63 shares during the last quarter. Wedbush Securities Inc. lifted its holdings in shares of Silicon Motion Technology by 1.7% during the 4th quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer’s stock worth $434,000 after acquiring an additional 79 shares during the last quarter. NewEdge Wealth LLC lifted its holdings in shares of Silicon Motion Technology by 3.6% during the 4th quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer’s stock worth $244,000 after acquiring an additional 91 shares during the last quarter. Cooper Investors PTY Ltd. purchased a new position in Silicon Motion Technology in the second quarter worth $34,000. Finally, Ballentine Partners LLC grew its position in Silicon Motion Technology by 2.8% in the fourth quarter. Ballentine Partners LLC now owns 4,006 shares of the semiconductor producer’s stock worth $371,000 after acquiring an additional 110 shares in the last quarter. Hedge funds and other institutional investors own 78.02% 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.