Polar Asset Management Partners Inc. Lowers Holdings in Silicon Motion Technology Corporation $SIMO

Polar Asset Management Partners Inc. lowered its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 41.3% in the third quarter, according to the company in its most recent 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.’s holdings in Silicon Motion Technology were worth $11,457,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Brown Brothers Harriman & Co. acquired a new stake in shares of Silicon Motion Technology in the third quarter worth approximately $26,000. EverSource Wealth Advisors LLC grew its holdings in Silicon Motion Technology by 169.4% in the second 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 period. Raymond James Financial Inc. acquired a new position in Silicon Motion Technology during the second quarter worth approximately $75,000. NewEdge Advisors LLC purchased a new position in Silicon Motion Technology during the third quarter worth approximately $79,000. Finally, Headlands Technologies LLC purchased a new position in Silicon Motion Technology during the second quarter worth approximately $108,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Down 0.6%

Shares of SIMO stock opened at $125.40 on Thursday. Silicon Motion Technology Corporation has a fifty-two week low of $37.21 and a fifty-two week high of $146.85. The firm’s 50 day moving average price is $123.91 and its two-hundred day moving average price is $102.70. The stock has a market cap 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.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. William Blair assumed coverage on shares of Silicon Motion Technology in a report on Thursday, January 22nd. They issued an “outperform” rating on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Silicon Motion Technology in a research report on Monday, December 29th. Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Friday, February 6th. B. Riley Financial reissued a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, February 5th. Finally, Roth Mkm set a $140.00 price target on Silicon Motion Technology and gave the stock a “buy” rating in a research note on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average 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.