Y Intercept Hong Kong Ltd Raises Position in Silicon Motion Technology Corporation $SIMO

Y Intercept Hong Kong Ltd boosted its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 321.8% during the 1st quarter, HoldingsChannel.com reports. The fund owned 39,350 shares of the semiconductor producer’s stock after buying an additional 30,022 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Silicon Motion Technology were worth $4,419,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Brown Brothers Harriman & Co. purchased a new position in shares of Silicon Motion Technology in the 3rd quarter worth $26,000. WealthCollab LLC lifted its holdings in Silicon Motion Technology by 77.4% during the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after purchasing an additional 151 shares in the last quarter. Arax Advisory Partners lifted its position in shares of Silicon Motion Technology by 220.9% in the fourth 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 boosted its stake 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 worth $44,000 after acquiring an additional 366 shares during the period. Finally, MeadowBrook Investment Advisors LLC purchased a new stake in shares of Silicon Motion Technology during the fourth quarter worth about $71,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Insiders Place Their Bets

In related news, 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 completion of the sale, the director directly owned 7,500 shares in the company, valued at $2,460,000. This trade represents a 11.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kuan-Ming Lin sold 2,000 shares of Silicon Motion Technology stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the transaction, the director directly owned 8,500 shares of the company’s stock, valued at approximately $2,592,500. This represents a 19.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 4,000 shares of company stock valued at $1,239,250. 5.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on SIMO. JPMorgan Chase & Co. boosted their price target on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Wall Street Zen lowered Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Wedbush lifted their price objective on Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Finally, Susquehanna upped their price objective on Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating 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 company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $246.43.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock opened at $300.71 on Monday. Silicon Motion Technology Corporation has a twelve month low of $70.12 and a twelve month high of $355.00. The company’s 50-day moving average price is $269.67 and its 200-day moving average price is $171.43. The company has a market cap of $10.20 billion, a PE ratio of 59.78, a price-to-earnings-growth ratio of 0.67 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 for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $299.53 million. During the same period in the previous year, the firm posted $0.60 earnings per share. The firm’s revenue for the quarter was up 105.5% on a year-over-year basis. As a group, sell-side analysts expect that Silicon Motion Technology Corporation will post 8.35 earnings per share for the current fiscal year.

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.