Silicon Motion Technology (NASDAQ:SIMO) Shares Gap Down – What’s Next?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $256.12, but opened at $237.65. Silicon Motion Technology shares last traded at $237.5240, with a volume of 306,175 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Wedbush boosted 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. Roth Capital reaffirmed a “buy” rating and set a $350.00 price target on shares of Silicon Motion Technology in a research report on Thursday, July 30th. Susquehanna lifted their price target on Silicon Motion Technology from $275.00 to $350.00 and gave the stock a “positive” rating in a report on Friday, July 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Silicon Motion Technology in a research report on Monday, August 3rd. Finally, Needham & Company LLC upped their price objective on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $341.43.

Silicon Motion Technology Stock Down 9.4%

The firm has a market cap of $7.87 billion, a P/E ratio of 27.27, a price-to-earnings-growth ratio of 0.44 and a beta of 1.71. The firm’s 50-day simple moving average is $286.45 and its 200 day simple moving average is $202.33.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $403.41 million. During the same period in the prior year, the firm earned $0.69 EPS. The company’s revenue was up 127.0% compared to the same quarter last year. As a group, analysts forecast that Silicon Motion Technology Corporation will post 10.78 earnings per share for the current year.

Insider Activity at Silicon Motion Technology

In other Silicon Motion Technology news, Director Han-Ping Shieh sold 1,000 shares of the firm’s stock in a transaction on 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 sale, the director directly 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kuan-Ming Lin sold 2,000 shares of the business’s stock in a transaction 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 completion of the sale, the director owned 8,500 shares in the company, valued at approximately $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 4,000 shares of company stock worth $1,239,250. 5.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Royal Bank of Canada increased its holdings in Silicon Motion Technology by 87.6% in the 1st quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock worth $3,522,000 after acquiring an additional 32,527 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Silicon Motion Technology by 155.0% during the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock valued at $3,741,000 after purchasing an additional 44,976 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Silicon Motion Technology by 2.6% during the second quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock valued at $2,842,000 after purchasing an additional 962 shares during the last quarter. Creative Planning bought a new position in Silicon Motion Technology during the second quarter worth about $324,000. Finally, Legal & General Group Plc boosted its position in Silicon Motion Technology by 141.4% during the second quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer’s stock worth $732,000 after purchasing an additional 5,704 shares during the period. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.