Legacy Wealth Asset Management LLC Has $1.50 Million Stake in Silicon Motion Technology Corporation $SIMO

Legacy Wealth Asset Management LLC grew its holdings in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 92.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,496 shares of the semiconductor producer’s stock after acquiring an additional 2,158 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Silicon Motion Technology were worth $1,499,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Reinhart Partners LLC. grew its position in shares of Silicon Motion Technology by 4.8% during 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. Hawk Ridge Capital Management LP boosted its position in shares of Silicon Motion Technology by 48.9% during 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 purchasing an additional 385,568 shares in the last quarter. Lazard Asset Management LLC grew its stake 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 valued at $74,299,000 after buying an additional 17,741 shares during the period. Robeco Institutional Asset Management B.V. increased its position in Silicon Motion Technology by 40.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer’s stock valued at $57,840,000 after buying an additional 181,206 shares in the last quarter. Finally, Wolf Hill Capital Management LP acquired a new position in Silicon Motion Technology during the 4th quarter worth approximately $53,893,000. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Price Performance

SIMO opened at $256.12 on Monday. Silicon Motion Technology Corporation has a 1 year low of $71.35 and a 1 year high of $355.00. The company has a market capitalization of $8.69 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 0.44 and a beta of 1.71. The firm’s fifty day moving average price is $286.45 and its two-hundred day moving average price is $202.33.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, beating the consensus estimate 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 company had revenue of $451.00 million during the quarter, compared to the consensus estimate of $403.41 million. During the same quarter in the prior year, the company posted $0.69 earnings per share. The firm’s revenue for the quarter was up 127.0% on a year-over-year basis. As a group, equities analysts anticipate that Silicon Motion Technology Corporation will post 10.78 EPS for the current year.

Insider Activity

In other Silicon Motion Technology news, Director Kuan-Ming Lin sold 2,000 shares of the company’s 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 sale, the director directly owned 8,500 shares of the company’s stock, valued at $2,592,500. This represents a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Han-Ping Shieh sold 1,000 shares of the firm’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 transaction of $328,000.00. Following the completion of the transaction, the director directly owned 7,500 shares of the company’s stock, valued at approximately $2,460,000. This trade represents a 11.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 4,000 shares of company stock valued at $1,239,250. 5.34% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SIMO shares. B. Riley Financial raised their price objective on Silicon Motion Technology from $312.00 to $350.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Roth Capital reiterated a “buy” rating and issued a $350.00 target price on shares of Silicon Motion Technology in a report on Thursday, July 30th. JPMorgan Chase & Co. lifted their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Needham & Company LLC boosted their price target on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Finally, Wedbush raised their price objective 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, June 22nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Buy” and a consensus target price of $341.43.

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.