Silicon Motion Technology Corporation (NASDAQ:SIMO – Get Free Report) shares gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $209.68, but opened at $259.99. Silicon Motion Technology shares last traded at $256.1250, with a volume of 485,931 shares traded.
The semiconductor producer reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.30. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The company had revenue of $451.00 million during the quarter, compared to analysts’ expectations of $403.41 million. During the same quarter in the prior year, the firm posted $0.69 earnings per share. The business’s quarterly revenue was up 127.0% on a year-over-year basis.
Wall Street Analyst Weigh In
SIMO has been the subject of several research reports. Roth Capital restated a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. Susquehanna upped their price target on Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a research note on Thursday, April 30th. Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. JPMorgan Chase & Co. raised their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Finally, Wall Street Zen downgraded Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 4th. 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 MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $246.43.
Insider Buying and Selling
In related news, Director Han-Ping Shieh sold 1,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director owned 7,500 shares in the company, valued at approximately $2,460,000. This represents a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction 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 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 SEC filing for this sale provides additional information. Insiders have sold 4,000 shares of company stock valued at $1,239,250 over the last ninety days. 5.34% of the stock is currently owned by company insiders.
Institutional Trading of Silicon Motion Technology
A number of institutional investors have recently added to or reduced their stakes in SIMO. Brown Brothers Harriman & Co. bought a new stake in shares of Silicon Motion Technology during the third quarter valued at about $26,000. WealthCollab LLC lifted its holdings in shares of Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after buying an additional 151 shares in the last quarter. Cooper Investors PTY Ltd. bought a new position in shares of Silicon Motion Technology in the second quarter valued at approximately $34,000. Arax Advisory Partners boosted 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 acquiring an additional 307 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in Silicon Motion Technology by 169.4% during the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after acquiring an additional 366 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.
Silicon Motion Technology Price Performance
The firm’s 50 day moving average is $289.48 and its 200 day moving average is $195.24. The company has a market cap of $8.68 billion, a PE ratio of 50.87, a PEG ratio of 0.49 and a beta of 1.70.
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.
Read More
- Five stocks we like better than Silicon Motion Technology
- 2 Unique Space ETFs That Could Upend the Industry
- Corning Stock Crashes on Earnings, But the Sell-Off Looks Overdone
- Palantir’s Earnings Setup Puts Its AI Growth Story Back on Trial Again
- Mining For Megawatts: AMD’s Billion-Dollar Grid Grab
Receive News & Ratings for Silicon Motion Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Silicon Motion Technology and related companies with MarketBeat.com's FREE daily email newsletter.
