Silicon Motion Technology (NASDAQ:SIMO) Director Han-Ping Shieh Sells 1,000 Shares

Silicon Motion Technology Corporation (NASDAQ:SIMO) Director Han-Ping Shieh sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $301.25, for a total value of $301,250.00. Following the transaction, the director directly owned 7,656 shares in the company, valued at approximately $2,306,370. This represents a 11.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Han-Ping Shieh also recently made the following trade(s):

• On Thursday, June 18th, Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock. The stock was sold at an average price of $328.00, for a total value of $328,000.00.

Silicon Motion Technology Trading Down 1.9%

Shares of SIMO stock traded down $5.92 on Wednesday, reaching $313.08. 163,839 shares of the company’s stock were exchanged, compared to its average volume of 847,468. The company’s fifty day simple moving average is $240.86 and its 200 day simple moving average is $158.75. Silicon Motion Technology Corporation has a 52 week low of $70.12 and a 52 week high of $355.00. The stock has a market capitalization of $10.62 billion, a PE ratio of 62.24, a P/E/G ratio of 0.78 and a beta of 1.72.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $299.53 million. During the same quarter in the prior year, the company posted $0.60 EPS. Silicon Motion Technology’s quarterly revenue was up 105.5% on a year-over-year basis. As a group, sell-side analysts predict that Silicon Motion Technology Corporation will post 8.06 earnings per share for the current fiscal year.

Institutional Trading of Silicon Motion Technology

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its holdings in 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 worth $3,522,000 after acquiring an additional 32,527 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of 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 valued at $3,741,000 after purchasing an additional 44,976 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of 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 purchasing an additional 962 shares during the period. Creative Planning purchased a new stake in shares of Silicon Motion Technology in the 2nd quarter worth approximately $324,000. Finally, Legal & General Group Plc boosted its stake in shares of Silicon Motion Technology by 141.4% during the second 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 in the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SIMO has been the topic of several recent analyst reports. Wedbush raised their price target on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a research note on Monday. Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Weiss Ratings downgraded shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. raised their target price on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Finally, Craig Hallum reaffirmed a “buy” rating and set a $250.00 price target on shares of Silicon Motion Technology in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $246.43.

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.