First Trust Advisors LP Decreases Position in Silicon Motion Technology Corporation $SIMO

First Trust Advisors LP lowered its stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 31.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 28,590 shares of the semiconductor producer’s stock after selling 13,129 shares during the quarter. First Trust Advisors LP’s holdings in Silicon Motion Technology were worth $3,210,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Brown Brothers Harriman & Co. purchased a new position in Silicon Motion Technology in the 3rd quarter worth approximately $26,000. WealthCollab LLC grew its position in Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after acquiring an additional 151 shares in the last quarter. Arax Advisory Partners raised its stake in shares of Silicon Motion Technology by 220.9% during the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after purchasing an additional 307 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Silicon Motion Technology by 169.4% during the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 366 shares during the period. Finally, NewEdge Advisors LLC acquired a new position in shares of Silicon Motion Technology during the third quarter worth $79,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Trading Up 8.4%

Silicon Motion Technology stock opened at $267.43 on Friday. Silicon Motion Technology Corporation has a 52 week low of $71.35 and a 52 week high of $355.00. The stock has a market cap of $9.07 billion, a P/E ratio of 31.35, a price-to-earnings-growth ratio of 0.43 and a beta of 1.71. The stock has a 50 day moving average of $286.87 and a 200-day moving average of $201.32.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The business had revenue of $451.00 million during the quarter, compared to analyst estimates of $403.41 million. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The business’s revenue was up 127.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.69 earnings per share. As a group, equities analysts predict that Silicon Motion Technology Corporation will post 10.78 earnings per share for the current fiscal year.

Insider Buying and Selling at Silicon Motion Technology

In other 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 value of $610,000.00. Following the sale, the director owned 8,500 shares in the company, valued at approximately $2,592,500. This represents a 19.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction dated Thursday, June 18th. The stock was 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 of the company’s stock, valued at $2,460,000. This trade represents a 11.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, 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 Ratings Changes

Several research analysts have recently weighed in on the stock. Wedbush upped 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, June 22nd. B. Riley Financial lifted their price target on shares of Silicon Motion Technology from $312.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Susquehanna boosted their price objective on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the stock a “positive” rating in a report on Friday, July 31st. Craig Hallum reissued a “buy” rating and issued a $325.00 price objective on shares of Silicon Motion Technology in a research report on Friday, July 31st. Finally, Roth Capital restated a “buy” rating and set a $350.00 target price on shares of Silicon Motion Technology in a research note on Thursday, July 30th. One investment 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. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target 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.