Elevation Point Wealth Partners LLC Acquires New Stake in Silicon Motion Technology Corporation $SIMO

Key Points

• Elevation Point Wealth Partners opened a new position in Silicon Motion Technology during Q1, buying 4,420 shares worth about $496,000.
• Silicon Motion reported strong quarterly results, with EPS of $1.58 topping estimates and revenue of $342.11 million, up 105.5% year over year.
• The stock has been active among insiders and analysts: two directors recently sold shares, while Wall Street remains mostly bullish with an average Buy rating and a $246.43 price target.

Elevation Point Wealth Partners LLC bought a new stake in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,420 shares of the semiconductor producer's stock, valued at approximately $496,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Brown Brothers Harriman & Co. bought a new position in Silicon Motion Technology in the third quarter worth approximately $26,000. WealthCollab LLC lifted 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 valued at $32,000 after purchasing an additional 151 shares in the last quarter. Arax Advisory Partners lifted its position in Silicon Motion Technology by 220.9% during the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer's stock valued at $41,000 after purchasing an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Silicon Motion Technology by 169.4% during the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer's stock valued at $44,000 after purchasing an additional 366 shares during the period. Finally, MeadowBrook Investment Advisors LLC bought a new stake in Silicon Motion Technology during the fourth quarter valued at about $71,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Trading Up 6.2%

Shares of SIMO stock opened at $313.30 on Thursday. The stock has a market capitalization of $10.62 billion, a price-to-earnings ratio of 62.29, a price-to-earnings-growth ratio of 0.66 and a beta of 1.70. Silicon Motion Technology Corporation has a 12-month low of $70.12 and a 12-month high of $355.00. The stock's 50-day moving average price is $279.36 and its 200-day moving average price is $176.16.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.27. The company 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 firm's revenue was up 105.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.60 earnings per share. As a group, research analysts predict that Silicon Motion Technology Corporation will post 8.35 EPS for the current fiscal year.

Insider Activity 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 on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total transaction of $610,000.00. Following the transaction, the director owned 8,500 shares in the company, valued at $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Han-Ping Shieh sold 1,000 shares of the business's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the transaction, the director owned 7,500 shares in the company, valued at $2,460,000. This trade represents a 11.76% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 4,000 shares of company stock worth $1,239,250. Corporate insiders own 5.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on SIMO. Wall Street Zen cut shares of Silicon Motion Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 4th. Susquehanna upped their price target on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the stock a "positive" rating in a research report on Thursday, April 30th. Wedbush increased their price objective on shares of 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 restated a "buy" rating and set a $250.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. Finally, Weiss Ratings cut shares of Silicon Motion Technology from a "buy (b-)" rating to a "hold (c)" rating in a research note on Wednesday, May 6th. One equities 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. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target 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.

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