Truist Financial Corp Buys Shares of 2,919 Silicon Motion Technology Co. (NASDAQ:SIMO)

Truist Financial Corp bought a new position in Silicon Motion Technology Co. (NASDAQ:SIMO) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,919 shares of the semiconductor producer’s stock, valued at approximately $236,000.

Several other hedge funds have also recently modified their holdings of the business. Acadian Asset Management LLC increased its holdings in Silicon Motion Technology by 161.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after buying an additional 825,394 shares in the last quarter. Farallon Capital Management LLC grew its stake in shares of Silicon Motion Technology by 247.0% in the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after acquiring an additional 608,949 shares during the period. Millennium Management LLC raised its holdings in shares of Silicon Motion Technology by 15.3% during the second quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock valued at $64,130,000 after purchasing an additional 105,084 shares during the last quarter. Reinhart Partners LLC. lifted its position in Silicon Motion Technology by 2.4% during the second quarter. Reinhart Partners LLC. now owns 754,017 shares of the semiconductor producer’s stock valued at $61,068,000 after purchasing an additional 17,646 shares during the period. Finally, Lord Abbett & CO. LLC bought a new position in shares of Silicon Motion Technology during the 1st quarter valued at $53,676,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on SIMO. Roth Mkm cut their price objective on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, October 8th. B. Riley cut their price target on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Bank of America lowered shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their price target for the company from $90.00 to $60.00 in a research report on Friday, August 16th. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. Finally, Needham & Company LLC lifted their price target on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $86.11.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $55.94 on Friday. The stock has a market cap of $1.88 billion, a PE ratio of 31.78, a price-to-earnings-growth ratio of 0.93 and a beta of 0.83. Silicon Motion Technology Co. has a 1 year low of $51.85 and a 1 year high of $85.87. The firm has a fifty day moving average price of $60.03 and a 200-day moving average price of $70.75.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The business had revenue of $210.67 million during the quarter, compared to analyst estimates of $206.75 million. During the same quarter in the prior year, the business posted $0.33 EPS. Silicon Motion Technology’s revenue for the quarter was up 50.1% compared to the same quarter last year. On average, research analysts expect that Silicon Motion Technology Co. will post 2.86 EPS for the current year.

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.