Silicon Motion Technology (NASDAQ:SIMO) Releases Quarterly Earnings Results, Beats Expectations By $0.30 EPS

Silicon Motion Technology (NASDAQ:SIMO) posted its earnings results on Wednesday. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.30, Briefing.com reports. The company had revenue of $451.00 million for the quarter, compared to analysts’ expectations of $403.41 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.Silicon Motion Technology’s quarterly revenue was up 127.0% on a year-over-year basis. During the same period last year, the firm earned $0.69 earnings per share.

Silicon Motion Technology Price Performance

NASDAQ SIMO traded up $48.12 during mid-day trading on Thursday, reaching $257.80. The stock had a trading volume of 698,104 shares, compared to its average volume of 848,940. The stock has a market cap of $8.74 billion, a PE ratio of 52.03, a price-to-earnings-growth ratio of 0.49 and a beta of 1.70. Silicon Motion Technology has a 1 year low of $71.35 and a 1 year high of $355.00. The company has a fifty day moving average price of $289.48 and a 200 day moving average price of $195.24.

Insider Activity

In other news, Director Kuan-Ming Lin sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total transaction of $610,000.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the sale, the director directly owned 7,500 shares of the company’s stock, 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 a total of 4,000 shares of company stock valued at $1,239,250 over the last quarter. 5.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Silicon Motion Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Brown Brothers Harriman & Co. purchased a new stake in Silicon Motion Technology during the third quarter valued at approximately $26,000. Arax Advisory Partners grew its position in shares of Silicon Motion Technology by 220.9% during 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 during the period. EverSource Wealth Advisors LLC increased its stake in shares of Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 366 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Silicon Motion Technology in the 2nd quarter worth $75,000. Finally, NewEdge Advisors LLC bought a new position in Silicon Motion Technology in the 3rd quarter worth $79,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Wall Street Analyst Weigh In

SIMO has been the topic of several research analyst reports. B. Riley Financial reissued a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. 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. Roth Capital reissued a “buy” rating and set a $250.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. Weiss Ratings cut Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen cut Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 4th. One equities research 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 stock. According to MarketBeat.com, the company has a consensus 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.