Patriot Financial Group Insurance Agency LLC Increases Position in Silicon Motion Technology Corporation $SIMO

Patriot Financial Group Insurance Agency LLC grew its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 119.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,560 shares of the semiconductor producer’s stock after acquiring an additional 3,576 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Silicon Motion Technology were worth $737,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of SIMO. Brown Brothers Harriman & Co. acquired a new position in shares of Silicon Motion Technology in the third quarter worth $26,000. WealthCollab LLC boosted its stake 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 valued at $32,000 after acquiring an additional 151 shares during the last quarter. Arax Advisory Partners increased its position in Silicon Motion Technology by 220.9% during the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after purchasing an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 366 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC acquired a new position in Silicon Motion Technology in the 4th quarter valued at about $71,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Analysts Set New Price Targets

SIMO has been the topic of several recent analyst reports. Zacks Research raised shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Wedbush boosted their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. increased their price target on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Finally, Weiss Ratings cut Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. One investment 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. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $246.43.

Silicon Motion Technology Price Performance

Shares of SIMO opened at $333.33 on Wednesday. Silicon Motion Technology Corporation has a 12 month low of $70.12 and a 12 month high of $355.00. The stock’s 50-day moving average is $259.77 and its two-hundred day moving average is $166.85. The stock has a market cap of $11.30 billion, a PE ratio of 66.27, a P/E/G ratio of 0.74 and a beta of 1.72.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (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 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. The business’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 8.35 earnings per share for the current year.

Insider Buying and Selling at Silicon Motion Technology

In other news, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the sale, the director owned 8,500 shares in the company, valued at approximately $2,592,500. This represents a 19.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Han-Ping Shieh sold 1,000 shares of the company’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 value of $328,000.00. Following the sale, the director owned 7,500 shares in the company, valued at $2,460,000. The trade was a 11.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,000 shares of company stock worth $1,239,250 over the last ninety days. 5.34% of the stock is currently owned by corporate insiders.

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.