Janney Montgomery Scott LLC Lowers Stock Holdings in Silicon Motion Technology Corporation $SIMO

Janney Montgomery Scott LLC reduced its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 17.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,965 shares of the semiconductor producer’s stock after selling 15,810 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Silicon Motion Technology were worth $8,193,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Apis Capital Advisors LLC grew its holdings in shares of Silicon Motion Technology by 11.7% in the third quarter. Apis Capital Advisors LLC now owns 286,000 shares of the semiconductor producer’s stock valued at $27,116,000 after purchasing an additional 30,000 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Silicon Motion Technology by 44.3% during the 4th quarter. SG Americas Securities LLC now owns 16,290 shares of the semiconductor producer’s stock worth $1,510,000 after buying an additional 5,002 shares in the last quarter. UBS Group AG lifted its holdings in Silicon Motion Technology by 39.0% during the 4th quarter. UBS Group AG now owns 351,541 shares of the semiconductor producer’s stock worth $32,588,000 after buying an additional 98,548 shares in the last quarter. Granahan Investment Management LLC boosted its position in Silicon Motion Technology by 59.7% in the 3rd quarter. Granahan Investment Management LLC now owns 207,758 shares of the semiconductor producer’s stock valued at $19,698,000 after buying an additional 77,667 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in Silicon Motion Technology by 89.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,634 shares of the semiconductor producer’s stock valued at $819,000 after buying an additional 4,082 shares during the period. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $300.71 on Friday. The company has a fifty day simple moving average of $269.67 and a 200-day simple moving average of $170.84. The stock has a market cap of $10.20 billion, a P/E ratio of 59.78, a price-to-earnings-growth ratio of 0.67 and a beta of 1.70. Silicon Motion Technology Corporation has a 12-month low of $70.12 and a 12-month high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.31 by $0.27. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The firm had revenue of $342.11 million for the quarter, compared to analyst estimates of $299.53 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. Silicon Motion Technology’s revenue for the quarter was up 105.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Silicon Motion Technology Corporation will post 8.35 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction dated 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 directly owned 8,500 shares of the company’s stock, valued at approximately $2,592,500. This represents a 19.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction dated 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 owned 7,500 shares in the company, valued at approximately $2,460,000. The trade was a 11.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 4,000 shares of company stock valued at $1,239,250. Insiders own 5.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SIMO shares. Weiss Ratings lowered Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. boosted 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 Mkm restated a “buy” rating and set a $250.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 29th. B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Finally, Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note 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 given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $246.43.

Silicon Motion Technology Company 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.