Navellier & Associates Inc. Purchases Shares of 28,019 Silicon Motion Technology Corporation $SIMO

Key Points

• Navellier & Associates purchased 28,019 shares of Silicon Motion Technology in the second quarter, valued at approximately $9.34 million. Institutional investors collectively own 78.02% of the company.
• Analysts remain broadly positive on SIMO, with an average “Buy” rating and a consensus price target of $341.43; several firms recently raised their targets.
• Silicon Motion reported strong quarterly results, with EPS of $2.43 beating estimates and revenue rising 127% year over year to $451 million. However, the stock opened at $245.81, down 3.6%, while two directors sold shares totaling $938,000.

Navellier & Associates Inc. purchased a new position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 28,019 shares of the semiconductor producer's stock, valued at approximately $9,340,000. Navellier & Associates Inc. owned approximately 0.08% of Silicon Motion Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in SIMO. Archer Investment Corp bought a new position in shares of Silicon Motion Technology during the 2nd quarter valued at $395,000. Public Employees Retirement System of Ohio bought a new stake in Silicon Motion Technology in the second quarter worth $11,777,000. Globeflex Capital L P bought a new stake in Silicon Motion Technology in the second quarter worth $2,874,000. Legacy Wealth Asset Management LLC boosted its position in Silicon Motion Technology by 92.3% during the second quarter. Legacy Wealth Asset Management LLC now owns 4,496 shares of the semiconductor producer's stock valued at $1,499,000 after buying an additional 2,158 shares during the period. Finally, UNICOM Systems Inc. purchased a new stake in Silicon Motion Technology during the second quarter valued at about $13,733,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Silicon Motion Technology

In other Silicon Motion Technology news, Director Han-Ping Shieh sold 1,000 shares of the company's stock in a transaction that occurred 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 in the company, valued at approximately $2,460,000. This represents a 11.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the firm'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 value of $610,000.00. Following the completion of the transaction, the director owned 8,500 shares of the company's stock, valued at approximately $2,592,500. The trade was a 19.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,000 shares of company stock worth $1,239,250 in the last ninety days. Insiders own 5.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SIMO shares. JPMorgan Chase & Co. lifted 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. Susquehanna increased their target price on Silicon Motion Technology from $275.00 to $350.00 and gave the company a "positive" rating in a report on Friday, July 31st. Weiss Ratings upgraded Silicon Motion Technology from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, August 17th. Zacks Research raised Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 5th. Finally, Wall Street Zen downgraded Silicon Motion Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 15th. One investment analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $341.43.

Silicon Motion Technology Stock Down 3.6%

Shares of SIMO stock opened at $245.81 on Friday. The stock has a fifty day moving average of $275.85 and a 200 day moving average of $215.42. Silicon Motion Technology Corporation has a 52 week low of $77.22 and a 52 week high of $355.00. The firm has a market capitalization of $8.34 billion, a price-to-earnings ratio of 28.82, a PEG ratio of 0.44 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.13 by $0.30. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The business had revenue of $451.00 million for the quarter, compared to the consensus estimate of $403.41 million. During the same period in the previous year, the firm earned $0.69 EPS. The company's quarterly revenue was up 127.0% compared to the same quarter last year. Equities research analysts anticipate that Silicon Motion Technology Corporation will post 10.78 earnings per share for the current year.

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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