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 stock in a transaction dated 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 owned 8,500 shares of the company’s stock, valued at $2,592,500. This represents a 19.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock traded down $5.92 during trading hours on Wednesday, hitting $313.08. The stock had a trading volume of 163,839 shares, compared to its average volume of 847,468. The stock has a market capitalization of $10.62 billion, a price-to-earnings ratio of 62.75, a PEG ratio of 0.78 and a beta of 1.72. Silicon Motion Technology Corporation has a 1-year low of $70.12 and a 1-year high of $355.00. The stock’s fifty day moving average is $240.86 and its two-hundred day moving average is $158.75.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.27. The firm had revenue of $342.11 million during the quarter, compared to the consensus estimate of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The company’s quarterly revenue was up 105.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS. As a group, sell-side analysts anticipate that Silicon Motion Technology Corporation will post 8.06 EPS for the current year.

Institutional Trading of Silicon Motion Technology

Several hedge funds have recently bought and sold shares of the company. Brown Brothers Harriman & Co. bought a new stake in shares of Silicon Motion Technology during the third quarter valued at approximately $26,000. WealthCollab LLC increased its position in Silicon Motion Technology by 77.4% in the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after acquiring an additional 151 shares during the period. Arax Advisory Partners raised its stake in Silicon Motion Technology by 220.9% during the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after acquiring an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after acquiring an additional 366 shares during the period. Finally, MeadowBrook Investment Advisors LLC bought a new position in shares of Silicon Motion Technology in the fourth quarter worth $71,000. 78.02% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price objective 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. Wedbush raised their price target on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a research report on Monday. Zacks Research raised shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. 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, Weiss Ratings cut shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $246.43.

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.