Silicon Motion Technology Corporation $SIMO Shares Sold by SG Americas Securities LLC

Key Points

• SG Americas Securities LLC slashed its stake in Silicon Motion Technology by 86.7% in the first quarter, leaving it with 2,172 shares valued at about $244,000.
• The company beat quarterly earnings expectations, reporting EPS of $1.58 versus $1.31 expected and revenue of $342.11 million, up 105.5% from a year earlier.
• Wall Street sentiment remains positive overall, with an average Buy rating and a consensus price target of $246.43, though insiders recently sold shares and one analyst downgraded the stock from strong-buy to buy.

SG Americas Securities LLC trimmed its position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 86.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,172 shares of the semiconductor producer's stock after selling 14,118 shares during the quarter. SG Americas Securities LLC's holdings in Silicon Motion Technology were worth $244,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in SIMO. Reinhart Partners LLC. grew its holdings in shares of Silicon Motion Technology by 4.8% during the fourth quarter. Reinhart Partners LLC. now owns 1,573,355 shares of the semiconductor producer's stock worth $145,851,000 after buying an additional 72,421 shares in the last quarter. Hawk Ridge Capital Management LP lifted its stake in shares of Silicon Motion Technology by 111.3% in the fourth quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer's stock worth $73,024,000 after buying an additional 415,000 shares in the last quarter. Lazard Asset Management LLC boosted its position in Silicon Motion Technology by 2.3% during the third quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer's stock worth $74,299,000 after acquiring an additional 17,741 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Silicon Motion Technology by 40.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer's stock worth $57,840,000 after acquiring an additional 181,206 shares during the last quarter. Finally, Wolf Hill Capital Management LP purchased a new stake in Silicon Motion Technology during the 4th quarter valued at about $53,893,000. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $326.35 on Friday. The company has a 50 day simple moving average of $285.03 and a 200-day simple moving average of $178.85. The company has a market capitalization of $11.07 billion, a P/E ratio of 64.88, a P/E/G ratio of 0.71 and a beta of 1.70. Silicon Motion Technology Corporation has a 1 year low of $70.12 and a 1 year high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.31 by $0.27. The firm had revenue of $342.11 million for the quarter, compared to analyst estimates of $299.53 million. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The business's revenue for the quarter was up 105.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.60 EPS. As a group, research analysts expect that Silicon Motion Technology Corporation will post 8.48 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SIMO shares. Wall Street Zen downgraded shares of Silicon Motion Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 4th. B. Riley Financial restated a "buy" rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. JPMorgan Chase & Co. increased their price target on Silicon Motion Technology from $145.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, May 1st. Wedbush lifted their price objective on Silicon Motion Technology from $230.00 to $400.00 and gave the stock an "outperform" rating in a research report on Monday, June 22nd. Finally, Zacks Research upgraded Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Silicon Motion Technology currently has an average rating of "Buy" and a consensus target price of $246.43.

Insiders Place Their Bets

In related news, Director Kuan-Ming Lin sold 2,000 shares of the business's stock in a transaction dated 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 directly owned 8,500 shares in the company, valued at approximately $2,592,500. The trade was a 19.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Han-Ping Shieh sold 1,000 shares of the company's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the transaction, the director directly owned 7,500 shares in the company, 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 in 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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