Janney Montgomery Scott LLC Reduces Position in Silicon Motion Technology Corporation $SIMO

Key Points

• Janney Montgomery Scott LLC cut its Silicon Motion Technology stake by 17.8% in the first quarter, selling 15,810 shares and leaving it with 72,965 shares worth about $8.19 million.
• Several insiders sold shares recently, including directors Han-Ping Shieh and Kuan-Ming Lin, while insiders now own 5.34% of the company.
• Silicon Motion reported better-than-expected Q1 results, with EPS of $1.58 and revenue of $342.11 million, and analysts currently maintain a Buy consensus with a $246.43 price target.

Janney Montgomery Scott LLC decreased its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 17.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 72,965 shares of the semiconductor producer's stock after selling 15,810 shares during the period. Janney Montgomery Scott LLC owned approximately 0.21% of Silicon Motion Technology worth $8,193,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Brown Brothers Harriman & Co. acquired a new position in shares of Silicon Motion Technology during the 3rd quarter worth approximately $26,000. WealthCollab LLC increased its holdings in shares of Silicon Motion Technology by 77.4% in 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 during 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 worth $41,000 after buying an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake 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 worth $44,000 after buying an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC acquired a new position in Silicon Motion Technology during the fourth quarter worth $71,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Silicon Motion Technology

In other news, Director Han-Ping Shieh sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total value of $328,000.00. Following the sale, the director directly owned 7,500 shares of the company's stock, valued at approximately $2,460,000. The trade was a 11.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was 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 of the company's stock, valued at $2,592,500. The trade was a 19.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 4,000 shares of company stock valued at $1,239,250. Company insiders own 5.34% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SIMO shares. 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. boosted their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Roth Mkm 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. Wedbush upped their price objective on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the company an "outperform" rating in a report on Monday, June 22nd. Finally, B. Riley Financial restated a "buy" rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $246.43.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock opened at $300.71 on Friday. The firm has a market cap of $10.20 billion, a PE ratio of 59.78, a price-to-earnings-growth ratio of 0.67 and a beta of 1.70. Silicon Motion Technology Corporation has a 52 week low of $70.12 and a 52 week high of $355.00. The business's fifty day simple moving average is $269.67 and its 200-day simple moving average is $170.84.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.27. The firm had revenue of $342.11 million during the quarter, compared to the consensus estimate of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The company's quarterly revenue was up 105.5% on a year-over-year basis. During the same period last year, the company earned $0.60 EPS. As a group, equities analysts expect that Silicon Motion Technology Corporation will post 8.35 earnings per share 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.

Want to see what other hedge funds are holding SIMO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.