42,985 Shares in Silicon Motion Technology Corporation $SIMO Purchased by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management bought a new stake in Silicon Motion Technology, acquiring 42,985 shares valued at about $4.8 million in the first quarter. The position represented 0.13% of the company based on the latest SEC filing.
• Institutional interest remains high, with 78.02% of the stock owned by hedge funds and other institutions. Several other investors also added to or initiated positions during the quarter.
• Analyst sentiment is generally positive, with a consensus rating of “Buy” and a consensus price target of $246.43. Recent reports included multiple upgrades and higher price targets, though one firm did cut its rating to hold.

Kornitzer Capital Management Inc. KS acquired a new stake in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 42,985 shares of the semiconductor producer's stock, valued at approximately $4,827,000. Kornitzer Capital Management Inc. KS owned 0.13% of Silicon Motion Technology as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. AIGH Capital Management LLC bought a new stake in Silicon Motion Technology in the 1st quarter valued at $22,458,000. Hardy Reed LLC increased its holdings in shares of Silicon Motion Technology by 3.4% in the first quarter. Hardy Reed LLC now owns 5,010 shares of the semiconductor producer's stock valued at $563,000 after purchasing an additional 166 shares during the last quarter. Y Intercept Hong Kong Ltd increased its holdings in shares of Silicon Motion Technology by 321.8% in 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 purchasing an additional 30,022 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in shares of Silicon Motion Technology in the first quarter valued at about $496,000. Finally, Patriot Financial Group Insurance Agency LLC raised its position in shares of 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 purchasing an additional 3,576 shares during the period. 78.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SIMO has been the topic of a number of research reports. Roth Capital reiterated a "buy" rating and issued a $250.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. Weiss Ratings cut Silicon Motion Technology from a "buy (b-)" rating to a "hold (c)" rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. upped their target price on Silicon Motion Technology from $145.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Zacks Research upgraded Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 5th. Finally, Wedbush boosted their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the company an "outperform" rating in a research note on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $246.43.

Insider Activity at Silicon Motion Technology

In other Silicon Motion Technology news, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the company's stock in a transaction on Wednesday, June 17th. The shares were 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 of the company's stock, valued at approximately $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 4,000 shares of company stock valued at $1,239,250. 5.34% of the stock is currently owned by corporate insiders.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO traded up $2.09 during mid-day trading on Friday, reaching $326.35. 530,373 shares of the company's stock were exchanged, compared to its average volume of 808,586. Silicon Motion Technology Corporation has a one year low of $70.12 and a one year high of $355.00. The business's fifty day simple moving average is $285.03 and its two-hundred day simple moving average is $178.85. The firm has a market capitalization of $11.07 billion, a PE ratio of 64.88, a price-to-earnings-growth ratio of 0.72 and a beta of 1.70.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The firm had revenue of $342.11 million during the quarter, compared to the consensus estimate of $299.53 million. During the same quarter in the previous year, the firm posted $0.60 EPS. The business's revenue for the quarter was up 105.5% compared to the same quarter last year. As a group, equities research analysts forecast that Silicon Motion Technology Corporation will post 8.48 EPS for the current year.

Silicon Motion Technology 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.

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