Silicon Motion Technology (NASDAQ:SIMO) Trading Up 6.7% – What’s Next?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s stock price traded up 6.7% during trading on Friday . The company traded as high as $282.59 and last traded at $283.0310. 279,966 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 893,940 shares. The stock had previously closed at $265.25.

Analysts Set New Price Targets

SIMO has been the subject of several recent analyst reports. Wall Street Zen cut shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Needham & Company LLC raised their price target on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Roth Capital reaffirmed a “buy” rating and set a $350.00 price target on shares of Silicon Motion Technology in a report on Thursday, July 30th. Craig Hallum reaffirmed a “buy” rating and set a $325.00 price objective on shares of Silicon Motion Technology in a research report on Friday, July 31st. Finally, Weiss Ratings upgraded Silicon Motion Technology from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $341.43.

Silicon Motion Technology Stock Performance

The stock’s 50-day moving average is $263.50 and its 200 day moving average is $223.98. The stock has a market capitalization of $9.65 billion, a PE ratio of 33.35, a P/E/G ratio of 0.49 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The firm had revenue of $451.00 million during the quarter, compared to analysts’ expectations 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 in the previous year, the company earned $0.69 earnings per share. Analysts expect that Silicon Motion Technology Corporation will post 10.78 earnings per share for the current year.

Insider Transactions at Silicon Motion Technology

In other Silicon Motion Technology news, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total transaction of $328,000.00. Following the transaction, the director owned 7,500 shares of the company’s stock, valued at $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kenneth Kuan-Ming Lin sold 2,000 shares of the business’s stock in a transaction that occurred 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 approximately $2,592,500. This represents a 19.05% decrease in their position. The SEC filing for this sale provides additional information. 5.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors have recently modified their holdings of the business. Tidal Investments LLC grew its position in Silicon Motion Technology by 135.9% during the 2nd quarter. Tidal Investments LLC now owns 116,620 shares of the semiconductor producer’s stock worth $38,873,000 after purchasing an additional 67,178 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Silicon Motion Technology by 190.6% in the second quarter. NewEdge Advisors LLC now owns 2,130 shares of the semiconductor producer’s stock valued at $710,000 after buying an additional 1,397 shares during the last quarter. IFP Advisors Inc purchased a new stake in shares of Silicon Motion Technology in the second quarter valued at about $162,000. Baird Financial Group Inc. purchased a new stake in shares of Silicon Motion Technology in the second quarter valued at about $663,000. Finally, Allworth Financial LP boosted its stake in shares of Silicon Motion Technology by 26.4% during the second quarter. Allworth Financial LP now owns 834 shares of the semiconductor producer’s stock worth $278,000 after buying an additional 174 shares during the period. 78.02% of the stock is owned by institutional investors and hedge funds.

About Silicon Motion Technology

Silicon Motion Technology Corporation develops and supplies semiconductor solutions for NAND flash storage devices. Its products include flash memory controllers for solid-state drives (SSDs), client and enterprise storage systems, embedded storage, and other applications that use NAND flash memory.

The company provides controller technologies used in consumer electronics, personal computers, mobile devices, industrial equipment, and data-center infrastructure. Its offerings are designed to manage data storage, improve performance and reliability, and support the integration of NAND flash memory into a range of storage products.

Silicon Motion was founded in 1995 and went public on the Nasdaq Stock Market in 2005 under the symbol SIMO.