Lazard Asset Management LLC Has $87.81 Million Stake in Silicon Motion Technology Corporation $SIMO

Lazard Asset Management LLC boosted its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 3.1% in the first quarter, Holdings Channel reports. The firm owned 781,981 shares of the semiconductor producer’s stock after purchasing an additional 23,403 shares during the quarter. Lazard Asset Management LLC’s holdings in Silicon Motion Technology were worth $87,809,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SIMO. Brown Brothers Harriman & Co. bought a new stake in Silicon Motion Technology during the 3rd quarter worth about $26,000. WealthCollab LLC grew its holdings in shares of Silicon Motion Technology by 77.4% in the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after acquiring an additional 151 shares in the last quarter. Arax Advisory Partners grew its holdings in shares of Silicon Motion Technology by 220.9% in the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after acquiring an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after acquiring an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC acquired a new stake in shares of Silicon Motion Technology in the fourth quarter valued at about $71,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Craig Hallum reiterated a “buy” rating and set a $250.00 target price on shares of Silicon Motion Technology in a report on Thursday, April 30th. Wedbush boosted their price target on 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 cut Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 4th. JPMorgan Chase & Co. increased their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Finally, B. Riley Financial restated 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 issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $246.43.

Insider Buying and Selling

In related news, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction 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 sale, the director owned 7,500 shares in the company, valued at approximately $2,460,000. This represents a 11.76% decrease in their position. The transaction 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 firm’s 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 sale, the director directly owned 8,500 shares of the company’s stock, valued at $2,592,500. This represents a 19.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,000 shares of company stock worth $1,239,250 over the last three months. 5.34% of the stock is owned by insiders.

Silicon Motion Technology Stock Down 9.8%

NASDAQ:SIMO opened at $244.45 on Tuesday. The stock’s 50 day moving average price is $291.08 and its two-hundred day moving average price is $193.84. The firm has a market capitalization of $8.29 billion, a price-to-earnings ratio of 48.60, a P/E/G ratio of 0.60 and a beta of 1.70. Silicon Motion Technology Corporation has a 12-month low of $71.35 and a 12-month high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $299.53 million. During the same period last year, the firm posted $0.60 earnings per share. The business’s revenue was up 105.5% on a year-over-year basis. Equities research analysts expect that Silicon Motion Technology Corporation will post 8.48 EPS for the current year.

Silicon Motion Technology 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.