Silicon Motion Technology Corporation (NASDAQ:SIMO – Get Free Report)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $256.12, but opened at $237.65. Silicon Motion Technology shares last traded at $237.5240, with a volume of 306,175 shares.

Several brokerages have recently weighed in on SIMO. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Weiss Ratings restated a “hold (c)” rating on shares of Silicon Motion Technology in a research note on Monday, August 3rd. Needham & Company LLC boosted their target price on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Craig Hallum reaffirmed a “buy” rating and set a $325.00 price target on shares of Silicon Motion Technology in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $341.43.

Read Our Latest Research Report on Silicon Motion Technology

The firm has a market cap of $7.87 billion, a P/E ratio of 27.27, a price-to-earnings-growth ratio of 0.44 and a beta of 1.71. The stock’s 50 day simple moving average is $286.45 and its 200 day simple moving average is $202.33.

Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last released 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. The firm had revenue of $451.00 million for the quarter, compared to analyst estimates of $403.41 million. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The business’s quarterly revenue was up 127.0% compared to the same quarter last year. During the same period last year, the firm earned $0.69 earnings per share. As a group, analysts forecast that Silicon Motion Technology Corporation will post 10.78 EPS for the current fiscal year.

In related news, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction 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 completion of the sale, the director owned 8,500 shares in the company, valued at approximately $2,592,500. This represents a 19.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 completion of the sale, the director directly owned 7,500 shares of the company’s stock, valued at $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 4,000 shares of company stock valued at $1,239,250 in the last quarter. Company insiders own 5.34% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the company. Legacy Wealth Asset Management LLC grew its stake in shares of Silicon Motion Technology by 92.3% in the 2nd quarter. Legacy Wealth Asset Management LLC now owns 4,496 shares of the semiconductor producer’s stock worth $1,499,000 after acquiring an additional 2,158 shares in the last quarter. UNICOM Systems Inc. bought a new position in shares of Silicon Motion Technology during the second quarter valued at about $13,733,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Silicon Motion Technology during the second quarter valued at about $88,000. Foster Group Inc. bought a new position in shares of Silicon Motion Technology during the second quarter valued at about $307,000. Finally, Mirador Capital Partners LP purchased a new position in Silicon Motion Technology during the second quarter worth about $2,908,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

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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.

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