Polar Asset Management Partners Inc. Trims Stock Position in Silicon Motion Technology Corporation $SIMO

Polar Asset Management Partners Inc. cut its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 41.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,840 shares of the semiconductor producer’s stock after selling 84,911 shares during the quarter. Polar Asset Management Partners Inc. owned approximately 0.36% of Silicon Motion Technology worth $11,457,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SIMO. Royal Bank of Canada lifted its stake in Silicon Motion Technology by 87.6% in the 1st quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock valued at $3,522,000 after buying an additional 32,527 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Silicon Motion Technology by 155.0% during the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after buying an additional 44,976 shares in the last quarter. Geode Capital Management LLC increased its position in Silicon Motion Technology by 2.6% during the second quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock worth $2,842,000 after buying an additional 962 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Silicon Motion Technology in the second quarter worth $288,000. Finally, Creative Planning acquired a new position in shares of Silicon Motion Technology in the second quarter worth $324,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SIMO shares. B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Roth Mkm set a $140.00 target price on shares of Silicon Motion Technology and gave the company a “buy” rating in a research note on Wednesday, February 4th. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Friday, February 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Silicon Motion Technology in a research note on Monday, December 29th. Finally, Wedbush lifted their price target on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the stock an “outperform” rating in a 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 stock. Based on data from MarketBeat.com, Silicon Motion Technology currently has a consensus rating of “Buy” and an average target price of $132.50.

Silicon Motion Technology Stock Down 0.6%

SIMO stock opened at $125.40 on Thursday. The stock has a market capitalization of $4.26 billion, a price-to-earnings ratio of 34.45, a price-to-earnings-growth ratio of 0.84 and a beta of 1.02. Silicon Motion Technology Corporation has a 52-week low of $37.21 and a 52-week high of $146.85. The stock’s fifty day simple moving average is $123.91 and its 200-day simple moving average is $102.70.

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.