Polar Asset Management Partners Inc. Takes Position in Silicon Motion Technology Corporation $SIMO

Polar Asset Management Partners Inc. acquired a new position in Silicon Motion Technology Corporation (NASDAQ:SIMO) during the first quarter, Holdings Channel reports. The institutional investor acquired 28,218 shares of the semiconductor producer’s stock, valued at approximately $3,169,000.

Other institutional investors have also made changes to their positions in the company. Brown Brothers Harriman & Co. bought a new stake in Silicon Motion Technology during the 3rd quarter valued at approximately $26,000. WealthCollab LLC increased its position in Silicon Motion Technology by 77.4% in the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after buying an additional 151 shares during the period. Arax Advisory Partners increased its position in Silicon Motion Technology by 220.9% in the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after buying an additional 307 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Silicon Motion Technology by 169.4% during the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after buying an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC acquired a new position in shares of Silicon Motion Technology during the fourth quarter worth approximately $71,000. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Trading Down 9.8%

Shares of NASDAQ:SIMO opened at $244.45 on Tuesday. The firm has a market capitalization of $8.29 billion, a PE ratio of 48.60, a PEG ratio of 0.60 and a beta of 1.70. Silicon Motion Technology Corporation has a 1-year low of $71.35 and a 1-year high of $355.00. The business’s 50 day moving average is $291.08 and its 200-day moving average is $193.84.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. The business had revenue of $342.11 million during the quarter, compared to analyst estimates of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.Silicon Motion Technology’s revenue was up 105.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.60 earnings per share. On average, sell-side analysts predict that Silicon Motion Technology Corporation will post 8.48 EPS for the current year.

Insider Buying and Selling at Silicon Motion Technology

In other news, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the sale, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. The trade was a 11.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction 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 completion of the sale, the director directly owned 8,500 shares of the company’s stock, valued at $2,592,500. The trade was a 19.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,000 shares of company stock worth $1,239,250 in the last three months. Insiders own 5.34% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SIMO shares. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Susquehanna increased their price target on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the company 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 report on Wednesday, April 29th. Wall Street Zen downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 4th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. 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. Based on data from MarketBeat, Silicon Motion Technology has a consensus rating of “Buy” and a consensus 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.