Silicon Motion Technology (NASDAQ:SIMO) Trading Up 9% – Still a Buy?

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) traded up 9% on Wednesday . The stock traded as high as $244.67 and last traded at $244.13. Approximately 1,193,166 shares were traded during mid-day trading, an increase of 33% from the average session volume of 900,016 shares. The stock had previously closed at $224.00.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. B. Riley Financial upped their price target on shares of Silicon Motion Technology from $312.00 to $350.00 and gave the company a “buy” rating in a report on Friday, July 31st. Craig Hallum reiterated a “buy” rating and set a $325.00 price target on shares of Silicon Motion Technology in a report on Friday, July 31st. Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Finally, Susquehanna raised their price target on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the stock a “positive” rating in a report on Friday, July 31st. One investment 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. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $341.43.

Silicon Motion Technology Trading Up 9.8%

The business has a fifty day moving average of $284.16 and a 200-day moving average of $203.90. The company has a market cap of $8.34 billion, a PE ratio of 28.85, a P/E/G ratio of 0.40 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.30. The business had revenue of $451.00 million during the quarter, compared to analysts’ expectations of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The business’s revenue was up 127.0% on a year-over-year basis. During the same quarter last year, the business posted $0.69 EPS. As a group, research analysts predict that Silicon Motion Technology Corporation will post 10.78 EPS for the current year.

Insider Buying and Selling

In related news, Director Kuan-Ming Lin sold 2,000 shares of Silicon Motion Technology 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 owned 8,500 shares in the company, valued at $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Han-Ping Shieh sold 1,000 shares of the business’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 4,000 shares of company stock valued at $1,239,250. 5.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Silicon Motion Technology

A number of large investors have recently modified their holdings of the stock. Assetmark Inc. lifted its stake in shares of Silicon Motion Technology by 2.3% in the 1st quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock valued at $316,000 after purchasing an additional 63 shares during the last quarter. Wedbush Securities Inc. increased its position in shares of Silicon Motion Technology by 1.7% during the 4th quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer’s stock valued at $434,000 after purchasing an additional 79 shares during the last quarter. NewEdge Wealth LLC increased its position in shares of Silicon Motion Technology by 3.6% during the 4th quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer’s stock valued at $244,000 after purchasing an additional 91 shares during the last quarter. Cooper Investors PTY Ltd. purchased a new stake in Silicon Motion Technology during the 2nd quarter valued at $34,000. Finally, Ballentine Partners LLC raised its holdings in Silicon Motion Technology by 2.8% during the 4th 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. Institutional investors own 78.02% of the company’s stock.

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.