Silicon Motion Technology (NASDAQ:SIMO) Director Sells $610,000.00 in Stock

Silicon Motion Technology Corporation (NASDAQ:SIMO) 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Silicon Motion Technology Trading Down 1.9%

NASDAQ:SIMO traded down $5.92 during midday trading on Wednesday, hitting $313.08. 163,839 shares of the stock were exchanged, compared to its average volume of 847,468. The company has a market capitalization of $10.62 billion, a price-to-earnings ratio of 62.75, a P/E/G ratio of 0.78 and a beta of 1.72. Silicon Motion Technology Corporation has a one year low of $70.12 and a one year high of $355.00. The business has a 50-day moving average price of $240.86 and a two-hundred day moving average price of $158.75.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (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 company had revenue of $342.11 million for the quarter, compared to analysts’ expectations of $299.53 million. During the same period last year, the firm earned $0.60 EPS. The firm’s revenue for the quarter was up 105.5% on a year-over-year basis. Sell-side analysts forecast that Silicon Motion Technology Corporation will post 8.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Reinhart Partners LLC. increased its position 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 buying an additional 72,421 shares during the period. Pertento Partners LLP raised its holdings in Silicon Motion Technology by 2.5% in the 3rd quarter. Pertento Partners LLP now owns 1,290,409 shares of the semiconductor producer’s stock valued at $122,344,000 after acquiring an additional 31,405 shares in the last quarter. Hawk Ridge Capital Management LP lifted its position in shares of Silicon Motion Technology by 48.9% in the 1st quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer’s stock worth $131,752,000 after acquiring an additional 385,568 shares during the period. Lazard Asset Management LLC lifted its position in shares of Silicon Motion Technology by 2.3% in the 3rd quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock worth $74,299,000 after acquiring an additional 17,741 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Silicon Motion Technology by 40.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer’s stock worth $57,840,000 after purchasing an additional 181,206 shares in the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Roth Mkm reissued a “buy” rating and issued a $250.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. JPMorgan Chase & Co. increased their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Craig Hallum reaffirmed a “buy” rating and set a $250.00 price objective on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Finally, Wedbush lifted their target price on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus 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.