Silicon Motion Technology (NASDAQ:SIMO) Cut to “Hold” at Zacks Research

Zacks Research lowered shares of Silicon Motion Technology (NASDAQ:SIMO) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

A number of other research firms have also weighed in on SIMO. Craig Hallum reiterated a “buy” rating and set a $160.00 target price on shares of Silicon Motion Technology in a report on Thursday, February 5th. William Blair initiated coverage on shares of Silicon Motion Technology in a report on Thursday, January 22nd. They set an “outperform” rating for the company. Wedbush increased their target price on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Needham & Company LLC increased their target price on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, February 5th. Eleven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $132.50.

Silicon Motion Technology Trading Up 4.1%

Silicon Motion Technology stock opened at $121.75 on Monday. The firm has a 50-day moving average of $124.60 and a 200-day moving average of $105.90. The firm has a market cap of $4.14 billion, a P/E ratio of 33.45, a P/E/G ratio of 0.77 and a beta of 1.09. Silicon Motion Technology has a 1-year low of $37.21 and a 1-year high of $146.85.

Institutional Trading of Silicon Motion Technology

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. lifted its holdings in Silicon Motion Technology by 25.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,068 shares of the semiconductor producer’s stock worth $563,000 after buying an additional 1,228 shares during the period. Pacer Advisors Inc. lifted its holdings in Silicon Motion Technology by 80.0% in the fourth quarter. Pacer Advisors Inc. now owns 3,357 shares of the semiconductor producer’s stock worth $311,000 after buying an additional 1,492 shares during the period. XTX Topco Ltd purchased a new stake in Silicon Motion Technology in the fourth quarter worth about $2,953,000. Voloridge Investment Management LLC purchased a new stake in Silicon Motion Technology in the fourth quarter worth about $10,425,000. Finally, Sora Investors LLC increased its stake in shares of Silicon Motion Technology by 79.2% during the fourth quarter. Sora Investors LLC now owns 128,221 shares of the semiconductor producer’s stock valued at $11,886,000 after purchasing an additional 56,687 shares in the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

About Silicon Motion Technology

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.