Legacy Wealth Asset Management LLC Grows Position in Silicon Motion Technology Corporation $SIMO

Legacy Wealth Asset Management LLC increased its stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 92.3% during the 2nd quarter, Holdings Channel reports. The firm owned 4,496 shares of the semiconductor producer’s stock after purchasing an additional 2,158 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Silicon Motion Technology were worth $1,499,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Kornitzer Capital Management Inc. KS purchased a new stake in Silicon Motion Technology during the 1st quarter valued at about $4,827,000. Schwartz Investment Counsel Inc. increased its position in shares of Silicon Motion Technology by 36.4% in the first quarter. Schwartz Investment Counsel Inc. now owns 300,000 shares of the semiconductor producer’s stock valued at $33,687,000 after acquiring an additional 80,000 shares during the period. AIGH Capital Management LLC bought a new position in shares of Silicon Motion Technology during the first quarter valued at about $22,458,000. Calamos Advisors LLC purchased a new stake in shares of Silicon Motion Technology during the first quarter worth about $2,686,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in shares of Silicon Motion Technology during the first quarter worth about $496,000. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Price Performance

Shares of SIMO opened at $256.12 on Monday. The company has a 50-day simple moving average of $286.45 and a two-hundred day simple moving average of $202.33. The firm has a market capitalization of $8.69 billion, a PE ratio of 30.03, a price-to-earnings-growth ratio of 0.44 and a beta of 1.71. Silicon Motion Technology Corporation has a one year low of $71.35 and a one year 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 for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The firm had revenue of $451.00 million for the quarter, compared to the consensus estimate of $403.41 million. During the same period in the prior year, the firm earned $0.69 EPS. The company’s revenue was up 127.0% compared to the same quarter last year. Analysts expect that Silicon Motion Technology Corporation will post 10.78 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Han-Ping Shieh sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total value of $328,000.00. Following the sale, the director directly owned 7,500 shares of the company’s stock, valued at $2,460,000. The trade was a 11.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available 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 value of $610,000.00. Following the completion of the sale, the director owned 8,500 shares in the company, 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 have sold 4,000 shares of company stock valued at $1,239,250 in the last ninety days. Insiders own 5.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Wedbush boosted their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Needham & Company LLC boosted their target price on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Susquehanna upped their target price on Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. raised their price target 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. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $341.43.

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.