Silicon Motion Technology (NASDAQ:SIMO) Stock Price Up 10.3% – Here’s What Happened

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares shot up 10.3% during trading on Monday . The company traded as high as $332.88 and last traded at $336.6830. 431,468 shares were traded during trading, a decline of 49% from the average daily volume of 850,576 shares. The stock had previously closed at $305.28.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SIMO shares. JPMorgan Chase & Co. increased their price target 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. B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Roth Mkm reiterated a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, April 29th. Susquehanna increased their target price on Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. Finally, Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $246.43.

Silicon Motion Technology Price Performance

The stock has a market capitalization of $11.22 billion, a price-to-earnings ratio of 65.84, a PEG ratio of 0.68 and a beta of 1.72. The business has a 50 day simple moving average of $252.00 and a 200-day simple moving average of $163.51.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 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 company had revenue of $342.11 million for the quarter, compared to analyst estimates of $299.53 million. During the same quarter last year, the firm posted $0.60 earnings per share. Silicon Motion Technology’s revenue was up 105.5% compared to the same quarter last year. As a group, equities analysts predict that Silicon Motion Technology Corporation will post 8.35 earnings per share for the current year.

Insider Buying and Selling

In other Silicon Motion Technology news, Director Han-Ping Shieh sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the sale, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. This trade represents a 11.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kuan-Ming Lin sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the sale, the director owned 8,500 shares in the company, valued at $2,592,500. This trade represents a 19.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 4,000 shares of company stock valued at $1,239,250. 5.34% of the stock is owned by company insiders.

Institutional Investors Weigh In On Silicon Motion Technology

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

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.