Needham & Company LLC Reaffirms Buy Rating for Silicon Motion Technology (NASDAQ:SIMO)

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research note issued on Monday, Benzinga reports. They presently have a $85.00 price objective on the semiconductor producer’s stock. Needham & Company LLC’s target price would indicate a potential upside of 7.27% from the stock’s previous close.

Several other research firms have also commented on SIMO. B. Riley upped their price target on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Morgan Stanley raised shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $59.00 to $88.00 in a report on Monday. Craig Hallum lifted their price target on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a research note on Monday. Wedbush restated an “outperform” rating and issued a $85.00 price objective on shares of Silicon Motion Technology in a research note on Friday, May 3rd. Finally, StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $91.13.

Silicon Motion Technology Trading Up 0.8 %

Shares of SIMO opened at $79.24 on Monday. The firm has a fifty day simple moving average of $75.00 and a two-hundred day simple moving average of $66.12. The firm has a market cap of $2.67 billion, a PE ratio of 45.02, a P/E/G ratio of 3.98 and a beta of 0.87. Silicon Motion Technology has a 1-year low of $49.50 and a 1-year high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 EPS for the quarter, topping the consensus estimate of $0.51 by $0.12. Silicon Motion Technology had a return on equity of 7.77% and a net margin of 8.34%. The company had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. As a group, research analysts forecast that Silicon Motion Technology will post 2.65 EPS for the current fiscal year.

Institutional Trading of Silicon Motion Technology

Several institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC boosted its stake in Silicon Motion Technology by 154.9% in the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after purchasing an additional 333 shares during the period. Signaturefd LLC lifted its holdings in shares of Silicon Motion Technology by 183.5% in the third quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock worth $35,000 after buying an additional 444 shares in the last quarter. Assetmark Inc. bought a new position in shares of Silicon Motion Technology during the third quarter worth $51,000. CVA Family Office LLC purchased a new position in Silicon Motion Technology during the fourth quarter valued at $65,000. Finally, Covestor Ltd grew its stake in Silicon Motion Technology by 76.9% during the third quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock valued at $92,000 after acquiring an additional 777 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.