Moody National Bank Trust Division Acquires Shares of 21,150 Silicon Motion Technology Corporation $SIMO

Moody National Bank Trust Division bought a new position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) in the second quarter, Holdings Channel reports. The firm bought 21,150 shares of the semiconductor producer’s stock, valued at approximately $7,050,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SIMO. Kornitzer Capital Management Inc. KS acquired a new stake in Silicon Motion Technology in the first quarter worth $4,827,000. Schwartz Investment Counsel Inc. boosted its position in shares of Silicon Motion Technology by 36.4% during the first quarter. Schwartz Investment Counsel Inc. now owns 300,000 shares of the semiconductor producer’s stock worth $33,687,000 after purchasing an additional 80,000 shares in the last quarter. Calamos Advisors LLC acquired a new position in shares of Silicon Motion Technology in the 1st quarter valued at $2,686,000. AIGH Capital Management LLC acquired a new position in shares of Silicon Motion Technology in the 1st quarter valued at $22,458,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Silicon Motion Technology in the 1st quarter valued at $496,000. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Trading Up 6.7%

Shares of NASDAQ SIMO opened at $268.49 on Wednesday. The company has a fifty day moving average price of $287.94 and a 200 day moving average price of $199.29. The firm has a market cap of $9.10 billion, a PE ratio of 31.48, a PEG ratio of 0.52 and a beta of 1.71. Silicon Motion Technology Corporation has a 1-year low of $71.35 and a 1-year high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.30. The firm had revenue of $451.00 million for the quarter, compared to the consensus estimate of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The company’s revenue for the quarter was up 127.0% on a year-over-year basis. During the same quarter last year, the business posted $0.69 EPS. Equities research analysts forecast that Silicon Motion Technology Corporation will post 9.01 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Roth Capital reaffirmed a “buy” rating and set a $350.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, July 30th. B. Riley Financial boosted their target price on Silicon Motion Technology from $312.00 to $350.00 and gave the company a “buy” rating in a research note on Friday. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday. Needham & Company LLC raised their price target on Silicon Motion Technology from $240.00 to $355.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Finally, Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $341.43.

Insider Transactions at Silicon Motion Technology

In other Silicon Motion Technology news, Director Kuan-Ming Lin sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was 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 approximately $2,592,500. The trade was a 19.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Han-Ping Shieh sold 1,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director directly owned 7,500 shares of the company’s stock, valued at approximately $2,460,000. This trade represents a 11.76% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 4,000 shares of company stock valued at $1,239,250. 5.34% of the stock is owned by corporate 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.