West Tower Group LLC Sells 3,347 Shares of Silicon Motion Technology Corporation $SIMO

West Tower Group LLC cut its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 27.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,953 shares of the semiconductor producer’s stock after selling 3,347 shares during the quarter. Silicon Motion Technology makes up approximately 3.1% of West Tower Group LLC’s investment portfolio, making the stock its 12th largest holding. West Tower Group LLC’s holdings in Silicon Motion Technology were worth $1,005,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Hardy Reed LLC grew its position in shares of Silicon Motion Technology by 3.4% in the 1st quarter. Hardy Reed LLC now owns 5,010 shares of the semiconductor producer’s stock worth $563,000 after buying an additional 166 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its position in Silicon Motion Technology by 321.8% during the first quarter. Y Intercept Hong Kong Ltd now owns 39,350 shares of the semiconductor producer’s stock valued at $4,419,000 after acquiring an additional 30,022 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in Silicon Motion Technology during the first quarter valued at approximately $496,000. Patriot Financial Group Insurance Agency LLC boosted its stake in Silicon Motion Technology by 119.8% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 6,560 shares of the semiconductor producer’s stock valued at $737,000 after acquiring an additional 3,576 shares in the last quarter. Finally, Brian Low Financial Group LLC grew its holdings in Silicon Motion Technology by 11.6% in the first quarter. Brian Low Financial Group LLC now owns 10,495 shares of the semiconductor producer’s stock worth $1,178,000 after purchasing an additional 1,092 shares during the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Susquehanna increased their price objective on Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a report on Thursday, April 30th. Wedbush boosted their target price 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. Roth Capital reaffirmed a “buy” rating and set a $250.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. Craig Hallum reiterated a “buy” rating and issued a $250.00 price target on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Finally, Wall Street Zen downgraded Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday. 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $246.43.

Silicon Motion Technology Stock Performance

Shares of SIMO stock opened at $294.90 on Wednesday. Silicon Motion Technology Corporation has a fifty-two week low of $70.12 and a fifty-two week high of $355.00. The firm has a market capitalization of $10.00 billion, a PE ratio of 58.63, a P/E/G ratio of 0.71 and a beta of 1.70. The stock’s 50-day simple moving average is $276.04 and its 200-day simple moving average is $174.56.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.27. The firm had revenue of $342.11 million during the quarter, compared to the consensus estimate 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. Sell-side analysts forecast that Silicon Motion Technology Corporation will post 8.35 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total value of $328,000.00. Following the sale, the director owned 7,500 shares in the company, valued at $2,460,000. This represents a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the firm’s stock in a transaction on 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 trade represents a 19.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 4,000 shares of company stock valued at $1,239,250 over the last three months. 5.34% of the stock is currently owned by insiders.

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.