Silicon Motion Technology Co. (NASDAQ:SIMO) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its stake in Silicon Motion Technology Co. (NASDAQ:SIMO – Get Rating) by 24.5% during the 3rd quarter, Holdings Channel reports. The firm owned 17,439 shares of the semiconductor producer’s stock after selling 5,648 shares during the quarter. Truist Financial Corp’s holdings in Silicon Motion Technology were worth $1,137,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Pinebridge Investments L.P. grew its position in shares of Silicon Motion Technology by 127.0% in the second quarter. Pinebridge Investments L.P. now owns 454 shares of the semiconductor producer’s stock valued at $38,000 after purchasing an additional 254 shares during the period. Covestor Ltd acquired a new stake in shares of Silicon Motion Technology in the first quarter valued at about $97,000. Alta Advisers Ltd grew its position in shares of Silicon Motion Technology by 11.6% in the second quarter. Alta Advisers Ltd now owns 2,009 shares of the semiconductor producer’s stock valued at $168,000 after purchasing an additional 209 shares during the period. Captrust Financial Advisors grew its position in shares of Silicon Motion Technology by 197.3% in the second quarter. Captrust Financial Advisors now owns 2,069 shares of the semiconductor producer’s stock valued at $173,000 after purchasing an additional 1,373 shares during the period. Finally, Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Silicon Motion Technology in the second quarter valued at about $204,000. Institutional investors and hedge funds own 66.67% of the company’s stock.

Silicon Motion Technology Price Performance

Shares of SIMO stock opened at $65.11 on Friday. The firm’s 50-day moving average is $63.60 and its two-hundred day moving average is $69.29. Silicon Motion Technology Co. has a 12 month low of $51.82 and a 12 month high of $98.65. The company has a market capitalization of $2.15 billion, a PE ratio of 10.55, a price-to-earnings-growth ratio of 2.35 and a beta of 0.92.

Silicon Motion Technology (NASDAQ:SIMO – Get Rating) last issued its earnings results on Tuesday, November 1st. The semiconductor producer reported $1.29 EPS for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.51). Silicon Motion Technology had a return on equity of 32.05% and a net margin of 20.76%. The firm had revenue of $250.81 million for the quarter, compared to analysts’ expectations of $279.33 million. Sell-side analysts forecast that Silicon Motion Technology Co. will post 5.74 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SIMO. Needham & Company LLC upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Wednesday, November 2nd. Susquehanna Bancshares upgraded shares of Silicon Motion Technology to a “positive” rating and set a $108.00 price target on the stock in a research report on Wednesday, October 5th. Susquehanna upgraded shares of Silicon Motion Technology from a “neutral” rating to a “positive” rating and set a $108.00 price target on the stock in a research report on Wednesday, October 5th. Finally, StockNews.com initiated coverage on shares of Silicon Motion Technology in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.00.

Silicon Motion Technology Profile

(Get Rating)

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. It 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.