Maverick Capital Ltd. Makes New $827,000 Investment in Silicon Motion Technology Corporation $SIMO

Maverick Capital Ltd. acquired a new stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 7,369 shares of the semiconductor producer’s stock, valued at approximately $827,000.

A number of other hedge funds also recently made changes to their positions in SIMO. Assetmark Inc. boosted its stake in shares of Silicon Motion Technology by 2.3% during the 1st quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock worth $316,000 after acquiring an additional 63 shares during the period. Wedbush Securities Inc. raised its stake in Silicon Motion Technology by 1.7% in the 4th quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer’s stock valued at $434,000 after acquiring an additional 79 shares during the period. NewEdge Wealth LLC raised its stake in Silicon Motion Technology by 3.6% in the 4th quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer’s stock valued at $244,000 after acquiring an additional 91 shares during the period. Ballentine Partners LLC lifted 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 purchasing an additional 110 shares during the last quarter. Finally, WealthCollab LLC boosted its position in Silicon Motion Technology by 77.4% during the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after purchasing an additional 151 shares during the period. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Trading Down 9.4%

NASDAQ SIMO opened at $221.42 on Wednesday. Silicon Motion Technology Corporation has a 1-year low of $71.35 and a 1-year high of $355.00. The company has a 50 day moving average of $290.45 and a 200-day moving average of $194.55. The company has a market cap of $7.51 billion, a price-to-earnings ratio of 44.02, a PEG ratio of 0.54 and a beta of 1.70.

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, beating the consensus estimate of $1.31 by $0.27. The business had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The firm’s revenue for the quarter was up 105.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 earnings per share. On average, equities research analysts forecast that Silicon Motion Technology Corporation will post 8.48 earnings per share for the current year.

Insider Buying and Selling at Silicon Motion Technology

In other news, Director Kuan-Ming Lin sold 2,000 shares of the 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 sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 owned 7,500 shares in the company, valued at $2,460,000. The trade was a 11.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,000 shares of company stock valued at $1,239,250 over the last ninety days. Insiders own 5.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on SIMO shares. JPMorgan Chase & Co. upped their price objective on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Susquehanna raised their target price on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a research note on Thursday, April 30th. B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. Weiss Ratings lowered shares of 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 shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 4th. One research 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. Based on data from MarketBeat.com, Silicon Motion Technology currently has a consensus rating of “Buy” and a consensus 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.