Granahan Investment Management LLC Has $21.93 Million Stock Position in Silicon Motion Technology Corporation $SIMO

Key Points

• Granahan Investment Management cut its Silicon Motion Technology stake by 14.8% in the first quarter, but still held 195,252 shares worth about $21.9 million at quarter-end.
• Silicon Motion reported strong quarterly results, with EPS of $1.58 beating estimates and revenue of $342.1 million, up 105.5% year over year.
• Analyst sentiment remains bullish: several firms raised price targets, and the stock carries an average “Buy” rating with a consensus target of $246.43, even as insiders recently sold shares.

Granahan Investment Management LLC lessened its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 14.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 195,252 shares of the semiconductor producer's stock after selling 33,877 shares during the quarter. Silicon Motion Technology accounts for approximately 1.1% of Granahan Investment Management LLC's investment portfolio, making the stock its 27th biggest position. Granahan Investment Management LLC owned about 0.58% of Silicon Motion Technology worth $21,925,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of SIMO. Royal Bank of Canada increased its position in Silicon Motion Technology by 87.6% during the first quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer's stock worth $3,522,000 after acquiring an additional 32,527 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Silicon Motion Technology by 155.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer's stock valued at $3,741,000 after purchasing an additional 44,976 shares during the period. Geode Capital Management LLC grew its position in shares of Silicon Motion Technology by 2.6% during the 2nd quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer's stock worth $2,842,000 after purchasing an additional 962 shares in the last quarter. Creative Planning acquired a new position in shares of Silicon Motion Technology during the 2nd quarter worth approximately $324,000. Finally, Legal & General Group Plc grew its position in shares of Silicon Motion Technology by 141.4% during the 2nd quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer's stock worth $732,000 after purchasing an additional 5,704 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Down 6.3%

Shares of Silicon Motion Technology stock opened at $270.90 on Friday. Silicon Motion Technology Corporation has a 12-month low of $71.35 and a 12-month high of $355.00. The company has a market capitalization of $9.19 billion, a price-to-earnings ratio of 53.86, a PEG ratio of 0.64 and a beta of 1.70. The firm's 50-day moving average price is $290.99 and its two-hundred day moving average price is $192.17.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating the consensus estimate 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 company had revenue of $342.11 million during the quarter, compared to analysts' expectations of $299.53 million. During the same period in the previous year, the company earned $0.60 EPS. The business's revenue for the quarter was up 105.5% compared to the same quarter last year. On average, sell-side analysts expect that Silicon Motion Technology Corporation will post 8.48 earnings per share for the current year.

Insider Buying and Selling

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 shares were sold at an average price of $305.00, for a total transaction of $610,000.00. Following the completion of the transaction, the director directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Han-Ping Shieh sold 1,000 shares of the company'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 sale, the director 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. The disclosure for this sale is available in the SEC filing. Insiders sold 4,000 shares of company stock worth $1,239,250 over the last three months. 5.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

SIMO has been the subject of a number of analyst reports. Wedbush lifted their price target on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the company an "outperform" rating in a research report on Monday, June 22nd. JPMorgan Chase & Co. boosted their price target on Silicon Motion Technology from $145.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Roth Capital reissued a "buy" rating and set a $250.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. B. Riley Financial restated a "buy" rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Finally, Zacks Research raised Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $246.43.

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.

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