SummitTX Capital L.P. Sells 39,708 Shares of Silicon Motion Technology Corporation $SIMO

SummitTX Capital L.P. reduced its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 62.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 24,361 shares of the semiconductor producer’s stock after selling 39,708 shares during the period. SummitTX Capital L.P.’s holdings in Silicon Motion Technology were worth $2,735,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SIMO. Brown Brothers Harriman & Co. acquired a new position in shares of Silicon Motion Technology in the third quarter valued at approximately $26,000. WealthCollab LLC raised its holdings in shares of Silicon Motion Technology by 77.4% during the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after acquiring an additional 151 shares during the period. Arax Advisory Partners raised its holdings in shares of Silicon Motion Technology by 220.9% during the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after acquiring an additional 307 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Silicon Motion Technology by 169.4% during the second 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. Finally, Raymond James Financial Inc. bought a new stake in Silicon Motion Technology in the 2nd quarter valued at $75,000. Institutional investors own 78.02% of the company’s stock.

Insider Transactions at Silicon Motion Technology

In related news, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology 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 owned 7,500 shares in the company, valued at approximately $2,460,000. This trade represents a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kuan-Ming Lin sold 2,000 shares of Silicon Motion Technology 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 $2,592,500. The trade was a 19.05% decrease in their position. The disclosure for this sale is available in the SEC filing. 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.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. 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. Craig Hallum restated a “buy” rating and issued a $250.00 price target on shares of Silicon Motion Technology in a report on Thursday, April 30th. Wall Street Zen cut Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 4th. Finally, JPMorgan Chase & Co. increased their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $246.43.

Silicon Motion Technology Trading Down 9.4%

NASDAQ SIMO opened at $221.42 on Wednesday. The firm’s fifty day moving average price is $290.45 and its two-hundred day moving average price is $194.55. Silicon Motion Technology Corporation has a 1 year low of $71.35 and a 1 year high of $355.00. The firm has a market capitalization of $7.51 billion, a P/E ratio of 44.02, a price-to-earnings-growth ratio of 0.54 and a beta of 1.70.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data 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 net margin of 16.02% and a return on equity of 20.24%. The company had revenue of $342.11 million during the quarter, compared to the consensus estimate of $299.53 million. During the same quarter last year, the firm posted $0.60 EPS. The company’s quarterly revenue was up 105.5% on a year-over-year basis. On average, research analysts anticipate that Silicon Motion Technology Corporation will post 8.48 EPS for the current fiscal 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.