Silicon Motion Technology (NASDAQ:SIMO) Posts Quarterly Earnings Results, Beats Estimates By $1.86 EPS

Silicon Motion Technology (NASDAQ:SIMO) issued its quarterly earnings data on Wednesday. The semiconductor producer reported $3.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.13 by $1.86, Zacks reports. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock traded down $11.74 during midday trading on Wednesday, reaching $209.68. The company had a trading volume of 1,622,549 shares, compared to its average volume of 851,199. The stock has a fifty day moving average price of $290.45 and a 200 day moving average price of $194.55. The firm has a market cap of $7.11 billion, a PE ratio of 41.69, a P/E/G ratio of 0.54 and a beta of 1.70. Silicon Motion Technology has a fifty-two week low of $71.35 and a fifty-two week high of $355.00.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Susquehanna boosted their target price on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a report on Thursday, April 30th. B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Wall Street Zen cut shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 4th. Finally, Wedbush boosted their price objective on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a research note on Monday, June 22nd. 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $246.43.

Insider Activity at Silicon Motion Technology

In other Silicon Motion Technology news, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the sale, the director owned 7,500 shares of the company’s stock, valued at approximately $2,460,000. This represents a 11.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kuan-Ming Lin sold 2,000 shares of the firm’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 transaction, the director owned 8,500 shares of the company’s stock, valued at approximately $2,592,500. The trade was a 19.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 4,000 shares of company stock worth $1,239,250 over the last quarter. 5.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Silicon Motion Technology

Several large investors have recently modified their holdings of SIMO. Brown Brothers Harriman & Co. acquired a new position in Silicon Motion Technology in the third quarter valued at $26,000. Arax Advisory Partners boosted its position in 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 acquiring an additional 307 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings 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. Raymond James Financial Inc. acquired a new stake in Silicon Motion Technology during the 2nd quarter worth about $75,000. Finally, NewEdge Advisors LLC bought a new position in shares of Silicon Motion Technology in the 3rd quarter worth about $79,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.