SummitTX Capital L.P. Sells 39,708 Shares of Silicon Motion Technology Corporation $SIMO

SummitTX Capital L.P. trimmed its holdings in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 62.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,361 shares of the semiconductor producer’s stock after selling 39,708 shares during the period. SummitTX Capital L.P. owned 0.07% of Silicon Motion Technology worth $2,735,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Assetmark Inc. boosted its stake in Silicon Motion Technology by 2.3% in 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 in the last quarter. Wedbush Securities Inc. increased its stake in shares of Silicon Motion Technology by 1.7% in the fourth quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer’s stock valued at $434,000 after buying an additional 79 shares in the last quarter. NewEdge Wealth LLC raised its holdings in shares of 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 last quarter. Ballentine Partners LLC raised its holdings in shares of 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 last quarter. Finally, WealthCollab LLC raised its holdings in shares of 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 last quarter. Institutional investors own 78.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Wedbush increased their price objective on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Wall Street Zen downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 4th. Roth Capital reiterated a “buy” rating and set a $250.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. Weiss Ratings cut shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. raised their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, May 1st. 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 company. According to data from MarketBeat, Silicon Motion Technology currently has a consensus rating of “Buy” and an average price target of $246.43.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock opened at $221.42 on Wednesday. The company’s 50 day simple moving average is $290.45 and its 200 day simple moving average is $194.55. Silicon Motion Technology Corporation has a fifty-two week low of $71.35 and a fifty-two week high of $355.00. The firm has a market capitalization of $7.51 billion, a price-to-earnings ratio of 44.02, a PEG ratio of 0.54 and a beta of 1.70.

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, beating analysts’ consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The firm had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. During the same quarter in the previous year, the company earned $0.60 earnings per share. The business’s revenue for the quarter was up 105.5% on a year-over-year basis. As a group, analysts predict that Silicon Motion Technology Corporation will post 8.48 EPS for the current fiscal year.

Insider Buying and Selling at Silicon Motion Technology

In related news, Director Kuan-Ming Lin sold 2,000 shares of the company’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 completion of the sale, the director owned 8,500 shares in the company, valued at $2,592,500. This represents a 19.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Han-Ping Shieh sold 1,000 shares of the firm’s 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 directly owned 7,500 shares in the company, valued at $2,460,000. The trade was a 11.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 4,000 shares of company stock valued at $1,239,250 in the last three months. 5.34% of the stock is owned by company insiders.

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.