Silicon Motion Technology Corporation $SIMO Shares Sold by Ramirez Asset Management Inc.

Key Points

• Ramirez Asset Management cut its stake in Silicon Motion by 55.1% in Q3, selling 40,749 shares and leaving it with 33,263 shares worth about $3.15 million.
• Analysts are broadly bullish on SIMO with a consensus "Buy" rating and a $132.50 average target; several firms raised ratings or targets (Needham to $155, Zacks and Wall Street Zen upgraded to strong-buy/outperform).
• Shares recently opened at $118.35 and were down about 4.4%; the stock has a $4.02 billion market cap and a 52-week range of $37.21 to $146.85.

Ramirez Asset Management Inc. lowered its stake in Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 55.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 33,263 shares of the semiconductor producer's stock after selling 40,749 shares during the period. Ramirez Asset Management Inc. owned 0.10% of Silicon Motion Technology worth $3,154,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of SIMO. EverSource Wealth Advisors LLC lifted its position in shares of Silicon Motion Technology by 169.4% during the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer's stock worth $44,000 after purchasing an additional 366 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Silicon Motion Technology in the second quarter worth about $75,000. Headlands Technologies LLC bought a new stake in Silicon Motion Technology in the second quarter valued at about $108,000. GAMMA Investing LLC increased its holdings in Silicon Motion Technology by 23.3% in the third quarter. GAMMA Investing LLC now owns 1,203 shares of the semiconductor producer's stock valued at $114,000 after buying an additional 227 shares during the last quarter. Finally, Assetmark Inc. raised its stake in Silicon Motion Technology by 15.1% during the second quarter. Assetmark Inc. now owns 2,191 shares of the semiconductor producer's stock valued at $165,000 after buying an additional 287 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on SIMO shares. Needham & Company LLC increased their target price on Silicon Motion Technology from $125.00 to $155.00 and gave the stock a "buy" rating in a report on Thursday, February 5th. B. Riley Financial reiterated a "buy" rating on shares of Silicon Motion Technology in a report on Thursday, February 5th. Wall Street Zen raised Silicon Motion Technology from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 14th. William Blair assumed coverage on Silicon Motion Technology in a research note on Thursday, January 22nd. They set an "outperform" rating on the stock. Finally, Zacks Research raised shares of Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to MarketBeat.com, Silicon Motion Technology has a consensus rating of "Buy" and a consensus target price of $132.50.

Silicon Motion Technology Stock Down 4.4%

Shares of NASDAQ SIMO opened at $118.35 on Friday. The firm's 50-day moving average price is $119.71 and its two-hundred day moving average price is $99.95. Silicon Motion Technology Corporation has a 52-week low of $37.21 and a 52-week high of $146.85. The stock has a market capitalization of $4.02 billion, a P/E ratio of 32.51, a P/E/G ratio of 0.82 and a beta of 1.02.

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.

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