Chase Investment Counsel Corp Invests $3.20 Million in Silicon Motion Technology Corporation $SIMO

Chase Investment Counsel Corp bought a new stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 28,472 shares of the semiconductor producer’s stock, valued at approximately $3,197,000. Chase Investment Counsel Corp owned 0.08% of Silicon Motion Technology as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Assetmark Inc. grew its holdings in Silicon Motion Technology by 2.3% during the first quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock worth $316,000 after purchasing an additional 63 shares during the period. Wedbush Securities Inc. increased its position in Silicon Motion Technology by 1.7% during the fourth quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer’s stock worth $434,000 after buying an additional 79 shares during the last quarter. NewEdge Wealth LLC raised its stake in Silicon Motion Technology by 3.6% in the fourth quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer’s stock valued at $244,000 after buying an additional 91 shares during the period. Ballentine Partners LLC raised its stake in Silicon Motion Technology by 2.8% in the fourth quarter. Ballentine Partners LLC now owns 4,006 shares of the semiconductor producer’s stock valued at $371,000 after buying an additional 110 shares during the period. Finally, WealthCollab LLC raised its stake in Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after buying an additional 151 shares during the period. 78.02% of the stock is owned by institutional investors.

Insider Activity at Silicon Motion Technology

In other news, Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the transaction, the director owned 8,500 shares in the company, valued at approximately $2,592,500. This trade represents a 19.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total value of $328,000.00. Following the transaction, the director owned 7,500 shares in the company, valued at approximately $2,460,000. This trade represents 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 in the last ninety days. 5.34% of the stock is owned by company insiders.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $278.17 on Wednesday. Silicon Motion Technology Corporation has a 52 week low of $71.16 and a 52 week high of $355.00. The firm has a market cap of $9.43 billion, a P/E ratio of 55.30, a price-to-earnings-growth ratio of 0.56 and a beta of 1.70. The firm’s 50-day simple moving average is $290.03 and its 200 day simple moving average is $188.91.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.27. The firm had revenue of $342.11 million during the quarter, compared to the consensus estimate of $299.53 million. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The business’s revenue for the quarter was up 105.5% compared to the same quarter last year. During the same period last year, the business posted $0.60 earnings per share. As a group, equities analysts forecast that Silicon Motion Technology Corporation will post 8.48 earnings per share for the current year.

Wall Street Analyst Weigh In

SIMO has been the subject of a number of recent analyst reports. Weiss Ratings cut Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Susquehanna boosted their target price on Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a report on Thursday, April 30th. Roth Capital restated a “buy” rating and issued a $250.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. Wedbush raised 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. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus 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.