Oak Associates Ltd. OH Sells 6,830 Shares of Silicon Motion Technology Corporation $SIMO

Oak Associates Ltd. OH cut its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 21.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,464 shares of the semiconductor producer’s stock after selling 6,830 shares during the quarter. Oak Associates Ltd. OH’s holdings in Silicon Motion Technology were worth $2,859,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of SIMO. Brown Brothers Harriman & Co. acquired a new position in Silicon Motion Technology during the 3rd quarter worth $26,000. WealthCollab LLC grew its position in shares of Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after purchasing an additional 151 shares during the last quarter. Arax Advisory Partners grew its position in shares of Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after purchasing an additional 307 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 366 shares during the period. Finally, MeadowBrook Investment Advisors LLC bought a new position in shares of Silicon Motion Technology in the fourth quarter worth about $71,000. Institutional investors own 78.02% of the company’s stock.

Wall Street Analyst Weigh In

SIMO has been the subject of several research analyst reports. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Susquehanna lifted their price target on Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a research report on Thursday, April 30th. Craig Hallum reiterated a “buy” rating and set a $250.00 price target on shares of Silicon Motion Technology in a report on Thursday, April 30th. Wall Street Zen cut Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 4th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $246.43.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $289.08 on Friday. The company has a 50-day simple moving average of $290.77 and a 200-day simple moving average of $191.61. Silicon Motion Technology Corporation has a 52 week low of $71.35 and a 52 week high of $355.00. The firm 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.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping 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 the consensus estimate of $299.53 million. During the same period last year, the business earned $0.60 earnings per share. The firm’s revenue for the quarter was up 105.5% compared to the same quarter last year. As a group, equities analysts forecast that Silicon Motion Technology Corporation will post 8.48 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Kuan-Ming Lin sold 2,000 shares of Silicon Motion Technology 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total value of $328,000.00. Following the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,000 shares of company stock valued at $1,239,250 in the last quarter. Corporate insiders own 5.34% of the company’s stock.

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.