Silicon Motion Technology (NASDAQ:SIMO) Releases Earnings Results, Beats Estimates By $1.86 EPS

Silicon Motion Technology (NASDAQ:SIMO) issued its quarterly earnings data on Wednesday. The semiconductor producer reported $3.99 EPS for the quarter, topping the consensus estimate of $2.13 by $1.86, Zacks reports. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.

Silicon Motion Technology Trading Down 5.3%

Silicon Motion Technology stock traded down $11.74 during trading on Wednesday, reaching $209.68. The company had a trading volume of 1,622,549 shares, compared to its average volume of 851,199. The firm has a market capitalization of $7.11 billion, a price-to-earnings ratio of 41.69, a price-to-earnings-growth ratio of 0.54 and a beta of 1.70. The firm’s 50-day simple moving average is $290.45 and its 200 day simple moving average is $194.55. Silicon Motion Technology has a 52 week low of $71.35 and a 52 week high of $355.00.

Insider Activity

In other Silicon Motion Technology news, Director Han-Ping Shieh sold 1,000 shares of the business’s 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 sale, the director owned 7,500 shares of the company’s stock, valued at approximately $2,460,000. The trade was 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 the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of Silicon Motion Technology 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 transaction, the director directly owned 8,500 shares in the company, valued at approximately $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,000 shares of company stock valued at $1,239,250 in the last three months. 5.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Silicon Motion Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada raised its position in shares of Silicon Motion Technology by 87.6% during the 1st quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock valued at $3,522,000 after purchasing an additional 32,527 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Silicon Motion Technology by 155.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after buying an additional 44,976 shares during the period. Geode Capital Management LLC boosted its holdings in Silicon Motion Technology by 2.6% in the 2nd quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock worth $2,842,000 after buying an additional 962 shares during the period. Creative Planning purchased a new stake in Silicon Motion Technology in the 2nd quarter worth $324,000. Finally, Legal & General Group Plc increased its stake in 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 worth $732,000 after buying an additional 5,704 shares in the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on SIMO shares. B. Riley Financial reissued a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. Wall Street Zen downgraded Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 4th. Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. increased their price objective on shares of 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, Roth Capital reissued a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Silicon Motion Technology has a consensus rating of “Buy” and an average price target of $246.43.

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.