Wellington Management Group LLP Has $61.75 Million Holdings in Silicon Motion Technology Corporation $SIMO

Wellington Management Group LLP lessened its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 39.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 185,251 shares of the semiconductor producer’s stock after selling 119,035 shares during the quarter. Wellington Management Group LLP’s holdings in Silicon Motion Technology were worth $61,750,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of SIMO. Brown Brothers Harriman & Co. acquired a new position in Silicon Motion Technology in the 3rd quarter valued at $26,000. Cooper Investors PTY Ltd. bought a new stake in Silicon Motion Technology during the second quarter valued at about $34,000. Arax Advisory Partners grew its position in shares of Silicon Motion Technology by 220.9% in 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 last quarter. EverSource Wealth Advisors LLC grew its position in shares of Silicon Motion Technology by 169.4% in 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 last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Silicon Motion Technology in the second quarter worth about $75,000. Institutional investors own 78.02% of the company’s stock.

Insider Activity at Silicon Motion Technology

In other Silicon Motion Technology news, Director Kuan-Ming Lin sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the transaction, the director directly owned 8,500 shares of the company’s stock, valued at approximately $2,592,500. This trade represents a 19.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction 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 sale, the director directly owned 7,500 shares of the company’s stock, valued at $2,460,000. This represents a 11.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.34% of the company’s stock.

Silicon Motion Technology Stock Up 2.2%

Silicon Motion Technology stock opened at $242.51 on Thursday. The stock has a 50-day simple moving average of $270.84 and a 200 day simple moving average of $218.20. Silicon Motion Technology Corporation has a 12-month low of $77.91 and a 12-month high of $355.00. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of 28.43, a P/E/G ratio of 0.41 and a beta of 1.71.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Wedbush raised 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. Susquehanna increased their price target on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a report on Friday, July 31st. Weiss Ratings upgraded shares of Silicon Motion Technology from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, August 17th. Needham & Company LLC boosted their price objective on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Wall Street Zen lowered shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average 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.