OVERSEA CHINESE BANKING Corp Ltd Takes $7.01 Million Position in Silicon Motion Technology Corporation $SIMO

Key Points

• OVERSEA CHINESE BANKING Corp Ltd acquired a new stake of 75,707 shares in Silicon Motion Technology worth approximately $7.01 million, representing about 0.22% of the company.
• Analysts are largely positive—11 Buy ratings and 1 Hold give SIMO a consensus rating of “Moderate Buy”, with recent price targets raised (e.g., Wedbush to $150, Roth MKM $140).
• SIMO is trading near its 52-week high (opened at $142.45) with a market cap of $4.84 billion, a P/E of 39.13, and 50-/200-day moving averages of $126.20 and $108.48 respectively.

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 75,707 shares of the semiconductor producer's stock, valued at approximately $7,014,000. OVERSEA CHINESE BANKING Corp Ltd owned 0.22% of Silicon Motion Technology at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Brown Brothers Harriman & Co. bought a new position in shares of Silicon Motion Technology in the third quarter valued at about $26,000. WealthCollab LLC raised its position in shares of Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer's stock valued at $32,000 after purchasing an additional 151 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of 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. MeadowBrook Investment Advisors LLC bought a new position in shares of Silicon Motion Technology in the fourth quarter valued at about $71,000. Finally, Raymond James Financial Inc. bought a new position in shares of Silicon Motion Technology in the second quarter valued at about $75,000. 78.02% of the stock is owned by institutional investors.

Silicon Motion Technology Stock Performance

SIMO stock opened at $142.45 on Wednesday. The company's 50-day simple moving average is $126.20 and its 200 day simple moving average is $108.48. Silicon Motion Technology Corporation has a 52 week low of $38.52 and a 52 week high of $146.85. The company has a market capitalization of $4.84 billion, a PE ratio of 39.13, a price-to-earnings-growth ratio of 0.93 and a beta of 1.09.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SIMO shares. Wedbush increased their price objective on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the company an "outperform" rating in a research report on Thursday, February 5th. Roth Mkm set a $140.00 price objective on shares of Silicon Motion Technology and gave the company a "buy" rating in a research report on Wednesday, February 4th. William Blair started coverage on shares of Silicon Motion Technology in a research report on Thursday, January 22nd. They issued an "outperform" rating on the stock. Weiss Ratings restated a "buy (b-)" rating on shares of Silicon Motion Technology in a research note on Friday, March 27th. Finally, Zacks Research downgraded shares of Silicon Motion Technology from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 6th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Silicon Motion Technology currently has a consensus rating of "Moderate 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.

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