Moody National Bank Trust Division increased its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO – Free Report) by 16.1% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 24,554 shares of the semiconductor producer’s stock after acquiring an additional 3,404 shares during the period. Moody National Bank Trust Division owned approximately 0.07% of Silicon Motion Technology worth $6,875,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in SIMO. Cooper Investors PTY Ltd. acquired a new position in shares of Silicon Motion Technology during the second quarter worth $34,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Silicon Motion Technology in the 2nd quarter valued at approximately $88,000. IFP Advisors Inc bought a new position in Silicon Motion Technology during the 2nd quarter valued at $162,000. Financial Enhancement Group LLC bought a new position in shares of Silicon Motion Technology during the second quarter worth about $267,000. Finally, Allworth Financial LP grew its stake in Silicon Motion Technology by 26.4% in the second quarter. Allworth Financial LP now owns 834 shares of the semiconductor producer’s stock worth $278,000 after purchasing an additional 174 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the company. Wall Street Zen cut Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. Susquehanna upped their price target on Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a research report on Friday, July 31st. Weiss Ratings upgraded Silicon Motion Technology from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday. Zacks Research downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Friday. Finally, Wedbush boosted their target price on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $341.43.
Silicon Motion Technology Stock Performance
Shares of Silicon Motion Technology stock traded up $2.51 during trading on Tuesday, hitting $284.96. 1,075,192 shares of the stock were exchanged, compared to its average volume of 882,700. Silicon Motion Technology Corporation has a 12 month low of $79.76 and a 12 month high of $355.00. The stock’s fifty day moving average is $256.75 and its 200 day moving average is $240.65. The stock has a market cap of $9.66 billion, a PE ratio of 33.41, a P/E/G ratio of 0.49 and a beta of 1.69.
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.30. The firm had revenue of $451.00 million for the quarter, compared to the consensus estimate of $403.41 million. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. Silicon Motion Technology’s quarterly revenue was up 127.0% compared to the same quarter last year. During the same period last year, the firm posted $0.69 EPS. Sell-side analysts anticipate that Silicon Motion Technology Corporation will post 10.78 EPS for the current fiscal year.
Silicon Motion Technology Profile
Silicon Motion Technology Corporation is a fabless semiconductor company that designs and develops NAND flash storage controllers and related semiconductor solutions. Its products manage data storage, performance, reliability and power consumption in devices that use NAND flash memory.
The company supplies controllers for client solid-state drives (SSDs), enterprise and industrial storage applications, embedded storage products such as eMMC and UFS, and removable storage including memory cards and USB flash drives.
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