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

M&G PLC lowered its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 31.2% in the third quarter, Holdings Channel.com reports. The fund owned 181,044 shares of the semiconductor producer’s stock after selling 82,140 shares during the quarter. M&G PLC’s holdings in Silicon Motion Technology were worth $17,199,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased 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 in the last quarter. Raymond James Financial Inc. acquired a new position in Silicon Motion Technology during the second quarter worth about $75,000. Headlands Technologies LLC purchased a new position in Silicon Motion Technology in the second quarter valued at about $108,000. GAMMA Investing LLC lifted its position in shares of Silicon Motion Technology by 23.3% during the 3rd 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. lifted its position in shares of Silicon Motion Technology by 15.1% during 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. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Craig Hallum restated a “buy” rating and issued a $160.00 price target on shares of Silicon Motion Technology in a report on Thursday, February 5th. Wedbush upped their target price on Silicon Motion Technology from $130.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, February 5th. Needham & Company LLC raised their price target on Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company’s stock. According to MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Buy” and a consensus price target of $132.50.

Silicon Motion Technology Stock Down 1.5%

Shares of NASDAQ:SIMO opened at $136.28 on Tuesday. Silicon Motion Technology Corporation has a 52-week low of $37.21 and a 52-week high of $144.68. The stock’s fifty day simple moving average is $108.34 and its 200-day simple moving average is $94.94. The company has a market capitalization of $4.63 billion, a P/E ratio of 37.44, a P/E/G ratio of 0.93 and a beta of 1.06.

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.