Alpine Associates Management Inc. Sells 84,555 Shares of Silicon Motion Technology Corporation $SIMO

Alpine Associates Management Inc. cut its stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 25.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 247,450 shares of the semiconductor producer’s stock after selling 84,555 shares during the quarter. Silicon Motion Technology makes up approximately 1.4% of Alpine Associates Management Inc.’s investment portfolio, making the stock its 17th largest holding. Alpine Associates Management Inc. owned approximately 0.73% of Silicon Motion Technology worth $23,461,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Stratos Wealth Partners LTD. acquired a new position in shares of Silicon Motion Technology in the third quarter valued at approximately $214,000. Oppenheimer Asset Management Inc. grew its holdings in Silicon Motion Technology by 100.4% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 12,730 shares of the semiconductor producer’s stock valued at $1,207,000 after buying an additional 6,379 shares in the last quarter. State of Wyoming bought a new position in Silicon Motion Technology during the 3rd quarter worth $292,000. Truist Financial Corp acquired a new stake in shares of Silicon Motion Technology during the third quarter worth $203,000. Finally, Vanguard Personalized Indexing Management LLC boosted its position in shares of Silicon Motion Technology by 40.0% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 8,804 shares of the semiconductor producer’s stock valued at $835,000 after acquiring an additional 2,516 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 6th. Needham & Company LLC raised their target price on Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Craig Hallum reiterated a “buy” rating and set a $160.00 price objective on shares of Silicon Motion Technology in a research report on Thursday, February 5th. Roth Mkm set a $140.00 target price on Silicon Motion Technology and gave the company a “buy” rating in a research report on Wednesday, February 4th. Finally, Wall Street Zen upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $132.50.

Silicon Motion Technology Stock Up 6.6%

NASDAQ SIMO opened at $139.94 on Thursday. The firm has a market cap of $4.76 billion, a P/E ratio of 38.45, a price-to-earnings-growth ratio of 0.90 and a beta of 1.06. Silicon Motion Technology Corporation has a 12-month low of $37.21 and a 12-month high of $140.28. The company’s 50 day moving average is $105.65 and its 200-day moving average is $93.55.

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.