Globeflex Capital L P Takes Position in Silicon Motion Technology Corporation $SIMO

Key Points

• Globeflex Capital acquired 27,920 shares of Silicon Motion Technology in the second quarter, worth approximately $2.87 million. Institutional investors and hedge funds collectively own 78.02% of the company.
• Analysts remain bullish, with the stock carrying an average “Buy” rating and a consensus price target of $341.43; several firms recently raised their targets to as high as $350.
• Silicon Motion reported strong quarterly results, posting $2.43 in EPS versus the $2.13 consensus and $451 million in revenue, up 127% year over year. Shares opened at $258.36, compared with a 12-month range of $73.58 to $355.00.

Globeflex Capital L P bought a new stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 27,920 shares of the semiconductor producer's stock, valued at approximately $2,874,000. Globeflex Capital L P owned 0.08% of Silicon Motion Technology as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Assetmark Inc. increased its stake in Silicon Motion Technology by 2.3% in the first quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer's stock valued at $316,000 after acquiring an additional 63 shares during the period. Wedbush Securities Inc. increased its stake in shares of Silicon Motion Technology by 1.7% in the fourth quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer's stock valued at $434,000 after buying an additional 79 shares in the last quarter. NewEdge Wealth LLC increased its position 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 in the last quarter. Cooper Investors PTY Ltd. acquired a new stake in shares of Silicon Motion Technology in the second quarter valued at approximately $34,000. Finally, Ballentine Partners LLC raised its position in shares of Silicon Motion Technology by 2.8% during the fourth quarter. Ballentine Partners LLC now owns 4,006 shares of the semiconductor producer's stock worth $371,000 after acquiring an additional 110 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Weiss Ratings raised Silicon Motion Technology from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, August 17th. Zacks Research raised shares of Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 5th. Roth Capital reissued a "buy" rating and issued a $350.00 price objective on shares of Silicon Motion Technology in a research report on Thursday, July 30th. Susquehanna increased their price target on Silicon Motion Technology from $275.00 to $350.00 and gave the company a "positive" rating in a research report on Friday, July 31st. Finally, Craig Hallum reiterated a "buy" rating and issued a $325.00 price target on shares of Silicon Motion Technology in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. Based on data from MarketBeat.com, Silicon Motion Technology currently has an average rating of "Buy" and an average target price of $341.43.

Silicon Motion Technology Price Performance

Shares of SIMO opened at $258.36 on Monday. The stock has a market cap of $8.76 billion, a PE ratio of 30.29, a PEG ratio of 0.45 and a beta of 1.71. The business has a 50-day simple moving average of $281.06 and a two-hundred day simple moving average of $211.69. Silicon Motion Technology Corporation has a 12-month low of $73.58 and a 12-month high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, beating the consensus estimate of $2.13 by $0.30. The business had revenue of $451.00 million for the quarter, compared to analysts' expectations of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The firm's revenue was up 127.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.69 earnings per share. On average, equities research analysts expect that Silicon Motion Technology Corporation will post 10.78 EPS for the current year.

Insider Activity

In related news, Director Kuan-Ming Lin sold 2,000 shares of the business's stock in a transaction dated 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 directly owned 8,500 shares in the company, valued at approximately $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Han-Ping Shieh sold 1,000 shares of the company's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In 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.

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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