Patriot Financial Group Insurance Agency LLC Raises Stock Position in Silicon Motion Technology Corporation $SIMO

Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 119.8% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 6,560 shares of the semiconductor producer’s stock after purchasing an additional 3,576 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Silicon Motion Technology were worth $737,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SIMO. Apis Capital Advisors LLC raised its holdings in Silicon Motion Technology by 11.7% in the 3rd quarter. Apis Capital Advisors LLC now owns 286,000 shares of the semiconductor producer’s stock worth $27,116,000 after purchasing an additional 30,000 shares during the period. SG Americas Securities LLC grew its holdings in Silicon Motion Technology by 44.3% in the fourth quarter. SG Americas Securities LLC now owns 16,290 shares of the semiconductor producer’s stock valued at $1,510,000 after purchasing an additional 5,002 shares during the period. UBS Group AG increased its position in shares of Silicon Motion Technology by 39.0% in the fourth quarter. UBS Group AG now owns 351,541 shares of the semiconductor producer’s stock valued at $32,588,000 after buying an additional 98,548 shares in the last quarter. Granahan Investment Management LLC raised its stake in shares of Silicon Motion Technology by 59.7% during the 3rd quarter. Granahan Investment Management LLC now owns 207,758 shares of the semiconductor producer’s stock worth $19,698,000 after buying an additional 77,667 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Silicon Motion Technology by 89.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,634 shares of the semiconductor producer’s stock worth $819,000 after buying an additional 4,082 shares during the period. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Insider Activity at Silicon Motion Technology

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 shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the sale, the director owned 7,500 shares in the company, valued at approximately $2,460,000. The trade was 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 business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total transaction of $610,000.00. Following the completion of the sale, the director directly owned 8,500 shares of the company’s stock, valued at approximately $2,592,500. This trade represents a 19.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 4,000 shares of company stock valued at $1,239,250. 5.34% of the stock is owned by company insiders.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock opened at $333.33 on Wednesday. The stock has a market capitalization of $11.30 billion, a price-to-earnings ratio of 66.27, a price-to-earnings-growth ratio of 0.74 and a beta of 1.72. The business has a 50-day moving average of $259.77 and a 200 day moving average of $166.85. Silicon Motion Technology Corporation has a 12 month low of $70.12 and a 12 month high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.27. The company 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 firm’s quarterly revenue was up 105.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.60 EPS. Equities research analysts anticipate that Silicon Motion Technology Corporation will post 8.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SIMO. Wall Street Zen upgraded shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Roth Mkm reissued a “buy” rating and set a $250.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. JPMorgan Chase & Co. upped their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Finally, Susquehanna raised their price target on shares of 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 investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Buy” and an average price target of $246.43.

Silicon Motion Technology 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.