Mirador Capital Partners LP Takes Position in Silicon Motion Technology Corporation $SIMO

Key Points

• Mirador Capital Partners acquired 8,724 shares of Silicon Motion Technology worth approximately $2.9 million in the second quarter. Institutional investors and hedge funds collectively own 78.02% of the company.
• Silicon Motion reported quarterly EPS of $2.43, beating estimates of $2.13, while revenue reached $451 million—up 127% year over year and ahead of expectations.
• Analysts maintain a consensus “Buy” rating with an average price target of $341.43, although company directors sold a combined 4,000 shares worth about $1.24 million during the last quarter.

Mirador Capital Partners LP acquired a new stake in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 8,724 shares of the semiconductor producer's stock, valued at approximately $2,908,000.

Other hedge funds have also added to or reduced their stakes in the company. Wolf Hill Capital Management LP acquired a new position in Silicon Motion Technology in the fourth quarter valued at about $53,893,000. Hawk Ridge Capital Management LP raised its position in shares of Silicon Motion Technology by 111.3% during the fourth quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer's stock worth $73,024,000 after purchasing an additional 415,000 shares during the period. Man Group plc raised its position in shares of Silicon Motion Technology by 820.7% during the fourth quarter. Man Group plc now owns 381,048 shares of the semiconductor producer's stock worth $35,323,000 after purchasing an additional 339,663 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Silicon Motion Technology by 112.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 425,697 shares of the semiconductor producer's stock valued at $47,802,000 after purchasing an additional 225,221 shares in the last quarter. Finally, AIGH Capital Management LLC bought a new position in shares of Silicon Motion Technology during the 1st quarter valued at about $22,458,000. Institutional investors and hedge funds own 78.02% of the company's stock.

Insider Buying and Selling

In other 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 value of $610,000.00. Following the sale, the director owned 8,500 shares of the company's stock, 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 SEC, which can be accessed through the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction on Thursday, June 18th. The stock was 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 of the company's stock, valued at $2,460,000. The trade was a 11.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 4,000 shares of company stock worth $1,239,250 over the last quarter. 5.34% of the stock is owned by corporate insiders.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO opened at $246.65 on Thursday. The stock has a 50-day simple moving average of $287.17 and a 200 day simple moving average of $200.23. Silicon Motion Technology Corporation has a 52-week low of $71.35 and a 52-week high of $355.00. The company has a market cap of $8.36 billion, a PE ratio of 28.92, a PEG ratio of 0.56 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released 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. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The firm had revenue of $451.00 million for the quarter, compared to analysts' expectations of $403.41 million. During the same quarter in the previous year, the business posted $0.69 EPS. The business's quarterly revenue was up 127.0% compared to the same quarter last year. On average, research analysts predict that Silicon Motion Technology Corporation will post 9.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SIMO. Weiss Ratings reissued a "hold (c)" rating on shares of Silicon Motion Technology in a research note on Monday. Craig Hallum reiterated a "buy" rating and issued a $325.00 price target on shares of Silicon Motion Technology in a report on Friday, July 31st. JPMorgan Chase & Co. increased their price objective on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Wedbush raised their price objective on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the stock an "outperform" rating in a report on Monday, June 22nd. Finally, Needham & Company LLC raised their price objective on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $341.43.

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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