Silicon Motion Technology Corporation $SIMO Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Silicon Motion Technology stake by 33.2% in the first quarter, bringing its holdings to 244,387 shares worth approximately $27.4 million. 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 versus expectations of $403.4 million. Revenue rose 127% year over year.
• Analysts maintain a favorable outlook, with the stock carrying a consensus “Buy” rating and an average price target of $341.43; however, company insiders sold 4,000 shares worth about $1.24 million over the past 90 days.

Bank of America Corp DE lifted its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 33.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,387 shares of the semiconductor producer's stock after purchasing an additional 60,970 shares during the quarter. Bank of America Corp DE owned about 0.72% of Silicon Motion Technology worth $27,442,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in Silicon Motion Technology by 87.6% in the first quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer's stock worth $3,522,000 after acquiring an additional 32,527 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Silicon Motion Technology by 155.0% during the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer's stock valued at $3,741,000 after acquiring an additional 44,976 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Silicon Motion Technology by 2.6% during the second quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer's stock valued at $2,842,000 after acquiring an additional 962 shares in the last quarter. Creative Planning purchased a new position in shares of Silicon Motion Technology in the 2nd quarter valued at approximately $324,000. Finally, Legal & General Group Plc raised its position in shares of Silicon Motion Technology by 141.4% in the 2nd quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer's stock valued at $732,000 after purchasing an additional 5,704 shares during the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Price Performance

NASDAQ:SIMO opened at $268.90 on Monday. The firm has a market cap of $9.12 billion, a price-to-earnings ratio of 31.52, a price-to-earnings-growth ratio of 0.47 and a beta of 1.71. The company has a 50 day moving average price of $282.15 and a 200-day moving average price of $206.85. Silicon Motion Technology Corporation has a 1-year low of $71.35 and a 1-year high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 22.06% and a return on equity of 32.04%. The firm's quarterly revenue was up 127.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.69 earnings per share. On average, sell-side analysts anticipate that Silicon Motion Technology Corporation will post 10.78 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SIMO shares. Wedbush upped their target price on Silicon Motion Technology from $230.00 to $400.00 and gave the company an "outperform" rating in a research report on Monday, June 22nd. Roth Capital reissued a "buy" rating and issued a $350.00 price objective on shares of Silicon Motion Technology in a report on Thursday, July 30th. JPMorgan Chase & Co. lifted their target price on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Zacks Research upgraded Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 5th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $341.43.

Insider Buying and Selling

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 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 directly owned 7,500 shares in the company, valued at $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kuan-Ming Lin sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total value of $610,000.00. Following the transaction, the director directly owned 8,500 shares of the company's stock, valued at approximately $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,000 shares of company stock valued at $1,239,250 over the last 90 days. Company insiders own 5.34% of the company's stock.

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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