M&G PLC Trims Stock Position in Silicon Motion Technology Corporation $SIMO

M&G PLC lessened its stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 31.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 181,044 shares of the semiconductor producer’s stock after selling 82,140 shares during the period. M&G PLC owned 0.53% of Silicon Motion Technology worth $17,199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 366 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Silicon Motion Technology during the second quarter worth approximately $75,000. Headlands Technologies LLC purchased a new stake in Silicon Motion Technology in the second quarter valued at approximately $108,000. GAMMA Investing LLC boosted its holdings in shares of Silicon Motion Technology by 23.3% in the third quarter. GAMMA Investing LLC now owns 1,203 shares of the semiconductor producer’s stock valued at $114,000 after acquiring an additional 227 shares during the period. Finally, Assetmark Inc. increased its holdings in shares of Silicon Motion Technology by 15.1% in the 2nd quarter. Assetmark Inc. now owns 2,191 shares of the semiconductor producer’s stock valued at $165,000 after acquiring an additional 287 shares during the period. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Down 1.5%

Shares of NASDAQ:SIMO opened at $136.28 on Tuesday. Silicon Motion Technology Corporation has a fifty-two week low of $37.21 and a fifty-two week high of $144.68. The firm’s 50-day simple moving average is $108.34 and its 200-day simple moving average is $94.94. The company has a market cap of $4.63 billion, a price-to-earnings ratio of 37.44, a PEG ratio of 0.93 and a beta of 1.06.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SIMO. Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Roth Mkm set a $140.00 target price on shares of Silicon Motion Technology and gave the stock a “buy” rating in a research note on Wednesday, February 4th. JPMorgan Chase & Co. raised their price target on Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 6th. Finally, Needham & Company LLC increased their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $132.50.

Silicon Motion Technology Company 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.