Renaissance Group LLC Has $1.51 Million Holdings in Silicon Motion Technology Corporation $SIMO

Renaissance Group LLC cut its holdings in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 43.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,893 shares of the semiconductor producer’s stock after selling 12,268 shares during the period. Renaissance Group LLC’s holdings in Silicon Motion Technology were worth $1,507,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. State of Wyoming acquired a new stake in shares of Silicon Motion Technology during the third quarter worth about $292,000. Truist Financial Corp acquired a new stake in Silicon Motion Technology during the 3rd quarter worth approximately $203,000. Vanguard Personalized Indexing Management LLC raised its holdings in Silicon Motion Technology by 40.0% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 8,804 shares of the semiconductor producer’s stock worth $835,000 after buying an additional 2,516 shares during the period. Naples Global Advisors LLC lifted its stake in Silicon Motion Technology by 1.5% in the third quarter. Naples Global Advisors LLC now owns 17,940 shares of the semiconductor producer’s stock valued at $1,701,000 after buying an additional 260 shares in the last quarter. Finally, Arkadios Wealth Advisors acquired a new position in shares of Silicon Motion Technology in the third quarter valued at approximately $264,000. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $128.06 on Friday. The business has a 50-day moving average of $102.84 and a 200-day moving average of $92.22. The stock has a market capitalization of $4.35 billion, a price-to-earnings ratio of 35.18, a PEG ratio of 0.97 and a beta of 1.06. Silicon Motion Technology Corporation has a fifty-two week low of $37.21 and a fifty-two week high of $133.78.

Analysts Set New Price Targets

SIMO has been the topic of a number of research analyst reports. William Blair initiated coverage on shares of Silicon Motion Technology in a report on Thursday, January 22nd. They set an “outperform” rating on the stock. Craig Hallum reiterated a “buy” rating and set a $160.00 target price on shares of Silicon Motion Technology in a report on Thursday. Zacks Research downgraded Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Silicon Motion Technology in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. lifted their target price on Silicon Motion Technology from $85.00 to $110.00 and gave the company an “overweight” rating in a research report on Monday, November 3rd. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate 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.