Clearline Capital LP Lowers Stake in Silicon Motion Technology Corporation $SIMO

Clearline Capital LP cut its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 25.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 169,677 shares of the semiconductor producer’s stock after selling 57,924 shares during the period. Silicon Motion Technology comprises 0.7% of Clearline Capital LP’s portfolio, making the stock its 26th largest holding. Clearline Capital LP owned approximately 0.50% of Silicon Motion Technology worth $16,087,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brown Brothers Harriman & Co. purchased a new position in shares of Silicon Motion Technology during the 3rd quarter valued at $26,000. EverSource Wealth Advisors LLC increased its stake in Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after buying an additional 366 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Silicon Motion Technology during the second quarter valued at about $75,000. Headlands Technologies LLC bought a new stake in Silicon Motion Technology during the second quarter valued at about $108,000. Finally, GAMMA Investing LLC raised its holdings in Silicon Motion Technology by 23.3% during 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. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Trading Up 2.6%

Shares of SIMO opened at $123.26 on Friday. The company’s fifty day simple moving average is $122.76 and its 200-day simple moving average is $101.74. The company has a market cap of $4.19 billion, a P/E ratio of 33.86, a P/E/G ratio of 0.82 and a beta of 1.02. Silicon Motion Technology Corporation has a twelve month low of $37.21 and a twelve month high of $146.85.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SIMO shares. Craig Hallum reaffirmed a “buy” rating and issued a $160.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Wedbush lifted their target price on Silicon Motion Technology from $130.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Silicon Motion Technology in a report on Monday, December 29th. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Finally, Needham & Company LLC increased their price objective on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a report on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $132.50.

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.