Envestnet Asset Management Inc. Decreases Holdings in Silicon Motion Technology Corporation $SIMO

Envestnet Asset Management Inc. lowered its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 4.3% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 109,951 shares of the semiconductor producer’s stock after selling 4,889 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Silicon Motion Technology were worth $10,424,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Boston Partners lifted its position in Silicon Motion Technology by 33.2% in the second quarter. Boston Partners now owns 735,597 shares of the semiconductor producer’s stock valued at $55,294,000 after acquiring an additional 183,458 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Silicon Motion Technology during the second quarter worth about $1,780,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at about $263,000. SG Americas Securities LLC acquired a new stake in shares of Silicon Motion Technology in the 3rd quarter valued at about $1,070,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at about $288,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Stock Up 1.1%

Shares of Silicon Motion Technology stock opened at $132.76 on Thursday. The firm has a market cap of $4.51 billion, a price-to-earnings ratio of 36.47, a price-to-earnings-growth ratio of 0.90 and a beta of 1.06. Silicon Motion Technology Corporation has a 52-week low of $37.21 and a 52-week high of $144.68. The company’s 50-day simple moving average is $109.82 and its 200-day simple moving average is $95.59.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Silicon Motion Technology from $85.00 to $110.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. Craig Hallum reaffirmed a “buy” rating and issued a $160.00 target price on shares of Silicon Motion Technology in a report on Thursday, February 5th. B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Roth Mkm set a $140.00 price objective on shares of Silicon Motion Technology and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Finally, Susquehanna lifted their price objective on shares of Silicon Motion Technology from $95.00 to $120.00 and gave the company a “positive” rating in a research note on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Buy” and an average target price of $132.50.

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.