Granahan Investment Management LLC Sells 33,877 Shares of Silicon Motion Technology Corporation $SIMO

Granahan Investment Management LLC decreased its holdings in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 14.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 195,252 shares of the semiconductor producer’s stock after selling 33,877 shares during the quarter. Silicon Motion Technology accounts for approximately 1.1% of Granahan Investment Management LLC’s investment portfolio, making the stock its 27th largest position. Granahan Investment Management LLC’s holdings in Silicon Motion Technology were worth $21,925,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Schwartz Investment Counsel Inc. lifted its stake in Silicon Motion Technology by 36.4% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 300,000 shares of the semiconductor producer’s stock valued at $33,687,000 after purchasing an additional 80,000 shares during the last quarter. Kornitzer Capital Management Inc. KS acquired a new stake in Silicon Motion Technology in the first quarter valued at approximately $4,827,000. AIGH Capital Management LLC bought a new stake in shares of Silicon Motion Technology during the first quarter worth $22,458,000. Calamos Advisors LLC bought a new stake in shares of Silicon Motion Technology during the first quarter worth $2,686,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Silicon Motion Technology during the first quarter worth $496,000. Institutional investors own 78.02% of the company’s stock.

Insider Buying and Selling

In related news, Director Kuan-Ming Lin sold 2,000 shares of the company’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 value of $610,000.00. Following the sale, the director directly owned 8,500 shares in the company, valued at $2,592,500. This represents a 19.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 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. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 4,000 shares of company stock worth $1,239,250. 5.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

SIMO has been the subject of a number of research reports. Weiss Ratings cut Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Wall Street Zen lowered Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 4th. B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. Susquehanna increased their target price on Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a research report on Thursday, April 30th. Finally, Wedbush lifted their price target on 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 research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $246.43.

Silicon Motion Technology Stock Down 6.3%

Shares of NASDAQ:SIMO opened at $270.90 on Friday. The firm has a market cap of $9.19 billion, a P/E ratio of 53.86, a P/E/G ratio of 0.64 and a beta of 1.70. Silicon Motion Technology Corporation has a 12-month low of $71.35 and a 12-month high of $355.00. The business has a fifty day simple moving average of $290.99 and a 200 day simple moving average of $192.17.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The firm had revenue of $342.11 million for the quarter, compared to analyst estimates of $299.53 million. During the same quarter in the previous year, the company posted $0.60 EPS. The business’s revenue was up 105.5% on a year-over-year basis. As a group, equities research analysts expect that Silicon Motion Technology Corporation will post 8.48 EPS for the current year.

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.