Moody National Bank Trust Division Purchases New Position in Silicon Motion Technology Corporation $SIMO

Key Points

• Moody National Bank Trust Division acquired 21,150 shares of Silicon Motion Technology worth approximately $7.05 million, while institutional investors and hedge funds collectively own 78.02% of the stock.
• Silicon Motion reported a strong quarterly performance, with EPS of $2.43 beating estimates by $0.30 and revenue of $451 million rising 127% year over year.
• Analysts remain bullish, assigning the stock a consensus “Buy” rating and an average price target of $341.43; however, company directors sold 4,000 shares worth about $1.24 million over the past 90 days.

Moody National Bank Trust Division purchased a new stake in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 21,150 shares of the semiconductor producer's stock, valued at approximately $7,050,000. Moody National Bank Trust Division owned 0.06% of Silicon Motion Technology at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Cooper Investors PTY Ltd. acquired a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at $34,000. Pacer Advisors Inc. increased its position in shares of Silicon Motion Technology by 25.9% during the 1st quarter. Pacer Advisors Inc. now owns 4,226 shares of the semiconductor producer's stock worth $475,000 after purchasing an additional 869 shares in the last quarter. Bank of America Corp DE increased its position in shares of Silicon Motion Technology by 33.2% during the 1st quarter. Bank of America Corp DE now owns 244,387 shares of the semiconductor producer's stock worth $27,442,000 after purchasing an additional 60,970 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Silicon Motion Technology by 78.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,159 shares of the semiconductor producer's stock valued at $130,000 after purchasing an additional 511 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in Silicon Motion Technology by 4.5% during the 1st quarter. Royal Bank of Canada now owns 49,037 shares of the semiconductor producer's stock valued at $5,506,000 after purchasing an additional 2,110 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Silicon Motion Technology

In related news, Director Kuan-Ming Lin sold 2,000 shares of Silicon Motion Technology stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total value of $610,000.00. Following the completion of the sale, the director directly owned 8,500 shares in the company, valued at $2,592,500. This trade represents a 19.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of the business's stock in a transaction dated 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 directly owned 7,500 shares of the company's stock, valued at $2,460,000. This represents a 11.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 4,000 shares of company stock worth $1,239,250 in the last ninety days. 5.34% of the stock is currently owned by insiders.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock opened at $268.49 on Wednesday. The firm has a market cap of $9.10 billion, a P/E ratio of 31.48, a P/E/G ratio of 0.52 and a beta of 1.71. The firm has a 50 day simple moving average of $287.94 and a 200 day simple moving average of $199.29. Silicon Motion Technology Corporation has a fifty-two week low of $71.35 and a fifty-two week high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.30. The firm had revenue of $451.00 million for the quarter, compared to the consensus estimate of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The business's revenue for the quarter was up 127.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.69 EPS. On average, sell-side analysts expect that Silicon Motion Technology Corporation will post 9.01 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Susquehanna boosted their price target on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the company a "positive" rating in a research report on Friday, July 31st. JPMorgan Chase & Co. raised their price objective on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Wall Street Zen upgraded shares of Silicon Motion Technology from a "buy" rating to a "strong-buy" rating in a research note on Saturday. B. Riley Financial boosted their target price on Silicon Motion Technology from $312.00 to $350.00 and gave the stock a "buy" rating in a report on Friday. Finally, Needham & Company LLC increased their price target on Silicon Motion Technology from $240.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $341.43.

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.

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