Lazard Asset Management LLC Has $87.81 Million Position in Silicon Motion Technology Corporation $SIMO

Lazard Asset Management LLC raised its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 3.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 781,981 shares of the semiconductor producer’s stock after purchasing an additional 23,403 shares during the period. Lazard Asset Management LLC owned approximately 2.31% of Silicon Motion Technology worth $87,809,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Gateway Wealth Partners LLC acquired a new position in shares of Silicon Motion Technology in the 1st quarter valued at $443,000. Waverly Advisors LLC acquired a new stake in Silicon Motion Technology during the 1st quarter worth $205,000. Entropy Technologies LP raised its stake in Silicon Motion Technology by 49.9% during the 1st quarter. Entropy Technologies LP now owns 9,895 shares of the semiconductor producer’s stock worth $1,111,000 after buying an additional 3,295 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in Silicon Motion Technology by 14.2% during the first quarter. Public Employees Retirement System of Ohio now owns 46,978 shares of the semiconductor producer’s stock worth $5,275,000 after acquiring an additional 5,826 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Silicon Motion Technology by 112.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 425,697 shares of the semiconductor producer’s stock worth $47,802,000 after acquiring an additional 225,221 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on SIMO shares. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. JPMorgan Chase & Co. raised their price target on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Roth Capital reiterated a “buy” rating and set a $250.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, April 29th. Susquehanna boosted their price objective 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 increased their target price on 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 equities research 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $246.43.

Insider Transactions at Silicon Motion Technology

In other news, Director Han-Ping Shieh sold 1,000 shares of the company’s stock in a transaction dated 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 $2,460,000. This represents a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total value 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 4,000 shares of company stock worth $1,239,250. Corporate insiders own 5.34% of the company’s stock.

Silicon Motion Technology Trading Down 9.8%

SIMO opened at $244.45 on Tuesday. The stock has a market capitalization of $8.29 billion, a P/E ratio of 48.60, a P/E/G ratio of 0.60 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 firm’s fifty day simple moving average is $291.08 and its 200 day simple moving average is $193.84.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $299.53 million. During the same quarter in the prior year, the company earned $0.60 EPS. The company’s revenue was up 105.5% on a year-over-year basis. On average, equities research analysts predict that Silicon Motion Technology Corporation will post 8.48 EPS for the current fiscal year.

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.