Silicon Motion Technology Corporation $SIMO Stock Holdings Lessened by Oak Associates Ltd. OH

Key Points

• Oak Associates Ltd. OH cut its Silicon Motion Technology stake by 21.1% in the first quarter, selling 6,830 shares and leaving it with 25,464 shares valued at about $2.86 million.
• Insider selling also picked up, with directors Han-Ping Shieh and Kuan-Ming Lin selling shares in June; insiders sold 4,000 shares worth $1.24 million over the last 90 days.
• Silicon Motion reported better-than-expected quarterly results, including EPS of $1.58 versus $1.31 expected and revenue of $342.11 million, while analysts largely remain bullish with an average Buy rating and $246.43 price target.

Oak Associates Ltd. OH reduced its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 21.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,464 shares of the semiconductor producer's stock after selling 6,830 shares during the quarter. Oak Associates Ltd. OH owned approximately 0.08% of Silicon Motion Technology worth $2,859,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. purchased a new stake in Silicon Motion Technology in the 3rd quarter worth approximately $26,000. WealthCollab LLC boosted its stake in shares of Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer's stock valued at $32,000 after buying an additional 151 shares during the period. Arax Advisory Partners grew its holdings in shares of Silicon Motion Technology by 220.9% during the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer's stock valued at $41,000 after acquiring an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer's stock valued at $44,000 after acquiring an additional 366 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC acquired a new position in shares of Silicon Motion Technology in the fourth quarter worth $71,000. 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 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kuan-Ming Lin sold 2,000 shares of the company's 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 sale, the director owned 8,500 shares of the company's stock, valued at approximately $2,592,500. This trade represents a 19.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 4,000 shares of company stock valued at $1,239,250 in the last ninety days. Insiders own 5.34% of the company's stock.

Silicon Motion Technology Trading Up 2.6%

Silicon Motion Technology stock opened at $289.08 on Friday. The company has a market capitalization of $9.80 billion, a P/E ratio of 57.47, a P/E/G ratio of 0.62 and a beta of 1.70. The firm's fifty day simple moving average is $290.77 and its 200-day simple moving average is $191.61. 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 released its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.27. The business had revenue of $342.11 million during 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%. Silicon Motion Technology's quarterly revenue was up 105.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.60 EPS. On average, equities research analysts predict that Silicon Motion Technology Corporation will post 8.48 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. JPMorgan Chase & Co. increased 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. B. Riley Financial restated a "buy" rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Roth Capital reaffirmed a "buy" rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. Craig Hallum reaffirmed a "buy" rating and set a $250.00 price target on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Finally, Zacks Research raised Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $246.43.

Silicon Motion Technology Company 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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