First Trust Advisors LP Reduces Holdings in Silicon Motion Technology Corporation $SIMO

First Trust Advisors LP lowered its stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 31.5% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,590 shares of the semiconductor producer’s stock after selling 13,129 shares during the quarter. First Trust Advisors LP owned approximately 0.08% of Silicon Motion Technology worth $3,210,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Chase Investment Counsel Corp acquired a new position in shares of Silicon Motion Technology in the first quarter worth $3,197,000. Parallel Advisors LLC increased its position in Silicon Motion Technology by 106.7% during the 1st quarter. Parallel Advisors LLC now owns 1,478 shares of the semiconductor producer’s stock worth $166,000 after purchasing an additional 763 shares in the last quarter. Assetmark Inc. increased its position in Silicon Motion Technology by 2.3% during the 1st quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock worth $316,000 after purchasing an additional 63 shares in the last quarter. Calamos Advisors LLC purchased a new stake in Silicon Motion Technology during the 1st quarter worth about $2,686,000. Finally, Schwartz Investment Counsel Inc. lifted its holdings in Silicon Motion Technology by 36.4% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 300,000 shares of the semiconductor producer’s stock valued at $33,687,000 after purchasing an additional 80,000 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

Insider Buying and Selling

In other news, Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the completion of the sale, the director owned 8,500 shares of the company’s stock, valued at $2,592,500. This represents a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Han-Ping Shieh sold 1,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. This represents a 11.76% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 4,000 shares of company stock worth $1,239,250. 5.34% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SIMO shares. B. Riley Financial raised their price target on shares of Silicon Motion Technology from $312.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Craig Hallum reissued a “buy” rating and set a $325.00 price objective on shares of Silicon Motion Technology in a research note on Friday, July 31st. Wedbush raised their target price on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Finally, Needham & Company LLC increased their price target on Silicon Motion Technology from $240.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. One equities research 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 stock. Based on data from MarketBeat, Silicon Motion Technology has a consensus rating of “Buy” and an average price target of $341.43.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock opened at $267.43 on Friday. The company has a market cap of $9.07 billion, a price-to-earnings ratio of 31.35, a price-to-earnings-growth ratio of 0.43 and a beta of 1.71. Silicon Motion Technology Corporation has a 12 month low of $71.35 and a 12 month high of $355.00. The stock’s 50-day moving average is $286.87 and its 200-day moving average is $201.32.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The business had revenue of $451.00 million during the quarter, compared to analysts’ expectations of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The company’s revenue for the quarter was up 127.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.69 EPS. Research analysts anticipate that Silicon Motion Technology Corporation will post 10.78 EPS for the current year.

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.