Maverick Capital Ltd. Invests $827,000 in Silicon Motion Technology Corporation $SIMO

Maverick Capital Ltd. purchased a new stake in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 7,369 shares of the semiconductor producer's stock, valued at approximately $827,000.

Other hedge funds have also modified their holdings of the company. Kornitzer Capital Management Inc. KS acquired a new position in Silicon Motion Technology in the 1st quarter worth $4,827,000. Schwartz Investment Counsel Inc. raised its stake in shares of Silicon Motion Technology by 36.4% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 300,000 shares of the semiconductor producer's stock valued at $33,687,000 after purchasing an additional 80,000 shares during the period. AIGH Capital Management LLC acquired a new stake in shares of Silicon Motion Technology in the 1st quarter valued at about $22,458,000. Calamos Advisors LLC bought a new stake in shares of Silicon Motion Technology in the first quarter valued at about $2,686,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Silicon Motion Technology in the first quarter valued at about $496,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SIMO shares. JPMorgan Chase & Co. increased their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. B. Riley Financial reaffirmed a "buy" rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. 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. Weiss Ratings downgraded shares of Silicon Motion Technology from a "buy (b-)" rating to a "hold (c)" rating in a report on Wednesday, May 6th. Finally, Roth Capital reissued a "buy" rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $246.43.

Insider Buying and Selling

In other news, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction that occurred 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 sale, the director owned 7,500 shares of the company's stock, valued at approximately $2,460,000. This represents a 11.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the firm'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 completion of the transaction, the director directly owned 8,500 shares of the company's stock, valued at $2,592,500. This represents a 19.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 4,000 shares of company stock worth $1,239,250. Company insiders own 5.34% of the company's stock.

Silicon Motion Technology Stock Performance

SIMO opened at $221.42 on Wednesday. The business's 50-day simple moving average is $290.45 and its 200 day simple moving average is $194.55. Silicon Motion Technology Corporation has a 52-week low of $71.35 and a 52-week high of $355.00. The firm has a market capitalization of $7.51 billion, a PE ratio of 44.02, a PEG ratio of 0.54 and a beta of 1.70.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, beating 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 business's revenue was up 105.5% compared to the same quarter last year. During the same period last year, the company earned $0.60 earnings per share. On average, research analysts forecast that Silicon Motion Technology Corporation will post 8.48 earnings per share for the current year.

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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