Renaissance Group LLC Sells 12,268 Shares of Silicon Motion Technology Corporation $SIMO

Renaissance Group LLC lowered its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 43.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,893 shares of the semiconductor producer’s stock after selling 12,268 shares during the quarter. Renaissance Group LLC’s holdings in Silicon Motion Technology were worth $1,507,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SIMO. Frontier Capital Management Co. LLC raised its holdings in shares of Silicon Motion Technology by 115.4% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,281,115 shares of the semiconductor producer’s stock valued at $96,301,000 after purchasing an additional 686,261 shares during the period. Ophir Asset Management Pty Ltd bought a new stake in Silicon Motion Technology in the second quarter valued at approximately $27,941,000. Boston Partners lifted its position in shares of 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 buying an additional 183,458 shares during the last quarter. First Eagle Investment Management LLC bought a new position in shares of Silicon Motion Technology during the 2nd quarter worth approximately $10,990,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Silicon Motion Technology by 44.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 442,747 shares of the semiconductor producer’s stock worth $41,977,000 after acquiring an additional 135,627 shares during the period. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Performance

SIMO stock opened at $128.06 on Friday. Silicon Motion Technology Corporation has a 52 week low of $37.21 and a 52 week high of $133.78. The company has a market capitalization of $4.35 billion, a PE ratio of 35.18, a price-to-earnings-growth ratio of 0.97 and a beta of 1.06. The company’s 50-day simple moving average is $102.84 and its 200 day simple moving average is $92.22.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SIMO shares. Susquehanna increased their price target on Silicon Motion Technology from $95.00 to $120.00 and gave the company a “positive” rating in a research note on Monday, November 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of Silicon Motion Technology in a research note on Monday, December 29th. Wall Street Zen raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Needham & Company LLC increased their price target on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a report on Thursday. Finally, William Blair began coverage on shares of Silicon Motion Technology in a research report on Thursday, January 22nd. They set an “outperform” rating for the company. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Silicon Motion Technology presently has an average rating of “Moderate 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.