Systematic Financial Management LP Has $56.90 Million Stake in Silicon Motion Technology Corporation $SIMO

Key Points

• Systematic Financial Management LP reduced its stake in Silicon Motion Technology by 13.1% in the first quarter, but still held 506,725 shares worth about $56.9 million at the end of the reporting period.
• Silicon Motion Technology posted a strong quarterly beat, reporting $1.58 EPS versus $1.31 expected and revenue of $342.11 million, up 105.5% year over year.
• Despite the solid results, the stock saw some insider selling and analysts remain broadly positive, with a consensus rating of Buy and an average price target of $246.43.

Systematic Financial Management LP trimmed its position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 13.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 506,725 shares of the semiconductor producer's stock after selling 76,101 shares during the quarter. Silicon Motion Technology comprises about 1.3% of Systematic Financial Management LP's investment portfolio, making the stock its 10th largest holding. Systematic Financial Management LP owned approximately 1.49% of Silicon Motion Technology worth $56,900,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SIMO. Assetmark Inc. lifted its position in Silicon Motion Technology by 2.3% during the first quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer's stock valued at $316,000 after acquiring an additional 63 shares during the last quarter. Wedbush Securities Inc. boosted its stake in Silicon Motion Technology by 1.7% in the fourth quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer's stock valued at $434,000 after acquiring an additional 79 shares in the last quarter. NewEdge Wealth LLC boosted its stake in Silicon Motion Technology by 3.6% in the fourth quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer's stock valued at $244,000 after acquiring an additional 91 shares in the last quarter. Ballentine Partners LLC grew its holdings in Silicon Motion Technology by 2.8% in the fourth quarter. Ballentine Partners LLC now owns 4,006 shares of the semiconductor producer's stock worth $371,000 after purchasing an additional 110 shares during the last quarter. Finally, WealthCollab LLC grew its holdings in Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer's stock worth $32,000 after purchasing an additional 151 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $289.08 on Friday. The stock has a 50-day moving average of $290.77 and a two-hundred day moving average of $191.61. Silicon Motion Technology Corporation has a one year low of $71.35 and a one year high of $355.00. The stock has a market cap 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.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The business had revenue of $342.11 million for the quarter, compared to analyst estimates of $299.53 million. During the same period in the prior year, the company earned $0.60 earnings per share. The company's revenue was up 105.5% on a year-over-year basis. Analysts predict that Silicon Motion Technology Corporation will post 8.48 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the completion of the transaction, the director owned 8,500 shares in the company, 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. In the last quarter, insiders sold 4,000 shares of company stock worth $1,239,250. 5.34% of the stock is owned by insiders.

Analysts Set New Price Targets

SIMO has been the subject of several analyst reports. Craig Hallum reiterated a "buy" rating and set a $250.00 price objective on shares of Silicon Motion Technology in a report on Thursday, April 30th. JPMorgan Chase & Co. boosted their target price on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Roth Capital restated a "buy" rating and set a $250.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. Wall Street Zen lowered Silicon Motion Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 4th. Finally, Susquehanna increased their price target on Silicon Motion Technology from $175.00 to $275.00 and gave the company a "positive" rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price 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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