Navellier & Associates Inc. Makes New $9.34 Million Investment in Silicon Motion Technology Corporation $SIMO

Navellier & Associates Inc. bought a new stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) in the second quarter, Holdings Channel reports. The fund bought 28,019 shares of the semiconductor producer’s stock, valued at approximately $9,340,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in SIMO. 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 raised its position in shares of Silicon Motion Technology by 2.6% in the 2nd quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock worth $2,842,000 after purchasing an additional 962 shares during the last quarter. Creative Planning purchased a new position in shares of Silicon Motion Technology in the 2nd quarter worth about $324,000. Finally, Legal & General Group Plc boosted its stake in 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 worth $732,000 after purchasing an additional 5,704 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Insiders Place Their Bets

In other Silicon Motion Technology news, 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 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 hyperlink. Also, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction 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 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 SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 4,000 shares of company stock valued at $1,239,250. Company insiders own 5.34% of the company’s stock.

Silicon Motion Technology Stock Down 3.6%

Shares of SIMO stock opened at $245.81 on Friday. The company has a 50 day moving average price of $275.85 and a 200-day moving average price of $215.42. Silicon Motion Technology Corporation has a 52 week low of $77.22 and a 52 week high of $355.00. The firm has a market capitalization of $8.34 billion, a PE ratio of 28.82, a P/E/G ratio of 0.44 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The company had revenue of $451.00 million for the quarter, compared to the consensus estimate of $403.41 million. During the same quarter in the prior year, the firm earned $0.69 earnings per share. The firm’s revenue for the quarter was up 127.0% compared to the same quarter last year. Analysts anticipate that Silicon Motion Technology Corporation will post 10.78 earnings per share for the current year.

Analyst Ratings Changes

SIMO has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of Silicon Motion Technology from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, August 17th. Wall Street Zen downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. JPMorgan Chase & Co. increased their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Wedbush raised their price target on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the company 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 research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $341.43.

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.