Insider Selling: Silicon Motion Technology (NASDAQ:SIMO) Director Sells $328,000.00 in Stock

Silicon Motion Technology Corporation (NASDAQ:SIMO) 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 transaction, the director directly owned 7,500 shares of the company’s stock, valued at $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Han-Ping Shieh also recently made the following trade(s):

• On Tuesday, June 2nd, Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock. The shares were sold at an average price of $301.25, for a total transaction of $301,250.00.

Silicon Motion Technology Price Performance

Shares of NASDAQ:SIMO traded down $5.92 on Wednesday, hitting $313.08. The company’s stock had a trading volume of 163,839 shares, compared to its average volume of 847,468. The company has a market capitalization of $10.62 billion, a PE ratio of 62.24, a PEG ratio of 0.78 and a beta of 1.72. The company has a 50-day simple moving average of $240.86 and a 200 day simple moving average of $158.75. Silicon Motion Technology Corporation has a 1 year low of $70.12 and a 1 year high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.27. The firm had revenue of $342.11 million during the quarter, compared to analyst estimates of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The company’s revenue was up 105.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share. On average, equities research analysts expect that Silicon Motion Technology Corporation will post 8.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on SIMO shares. Wall Street Zen raised Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Roth Mkm restated a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, April 29th. JPMorgan Chase & Co. raised their target price on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Craig Hallum reaffirmed a “buy” rating and set a $250.00 target price on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Finally, Weiss Ratings cut shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $246.43.

Institutional Trading of Silicon Motion Technology

Institutional investors have recently bought and sold shares of the company. Royal Bank of Canada increased its stake in Silicon Motion Technology by 87.6% during the 1st quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock valued at $3,522,000 after purchasing an additional 32,527 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Silicon Motion Technology by 155.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock valued at $3,741,000 after purchasing an additional 44,976 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Silicon Motion Technology by 2.6% in the 2nd quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock worth $2,842,000 after purchasing an additional 962 shares in the last quarter. Creative Planning purchased a new position in shares of Silicon Motion Technology in the second quarter worth $324,000. Finally, Legal & General Group Plc raised its stake in shares of Silicon Motion Technology by 141.4% in the second quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer’s stock worth $732,000 after purchasing an additional 5,704 shares during the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Company 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.