Silicon Motion Technology (NASDAQ:SIMO) Price Target Increased to $105.00 by Analysts at B. Riley

Silicon Motion Technology (NASDAQ:SIMO) had its price target increased by investment analysts at B. Riley from $101.00 to $105.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor producer’s stock. B. Riley’s target price suggests a potential upside of 32.51% from the company’s previous close.

Several other equities analysts also recently issued reports on SIMO. Susquehanna lifted their price target on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the company a “positive” rating in a report on Monday. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price target on shares of Silicon Motion Technology in a report on Monday. Morgan Stanley raised Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $59.00 to $88.00 in a research note on Monday. Finally, JPMorgan Chase & Co. raised their target price on Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $91.13.

Silicon Motion Technology Stock Up 0.8 %

NASDAQ SIMO opened at $79.24 on Monday. Silicon Motion Technology has a twelve month low of $49.50 and a twelve month high of $95.33. The company’s 50-day simple moving average is $75.00 and its 200 day simple moving average is $66.12. The stock has a market cap of $2.67 billion, a P/E ratio of 45.02, a PEG ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (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 firm had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. Research analysts anticipate that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Wellington Management Group LLP lifted its holdings in Silicon Motion Technology by 1,250.9% in the third quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock valued at $41,989,000 after buying an additional 758,640 shares during the period. Kodai Capital Management LP acquired a new stake in Silicon Motion Technology during the 4th quarter worth $44,073,000. Cooper Creek Partners Management LLC raised its position in shares of Silicon Motion Technology by 771.4% during the 3rd quarter. Cooper Creek Partners Management LLC now owns 760,554 shares of the semiconductor producer’s stock valued at $38,978,000 after acquiring an additional 673,278 shares during the last quarter. Invesco Ltd. acquired a new position in shares of Silicon Motion Technology in the 3rd quarter valued at $32,024,000. Finally, Segantii Capital Management Ltd boosted its position in shares of Silicon Motion Technology by 178.0% in the 3rd quarter. Segantii Capital Management Ltd now owns 833,991 shares of the semiconductor producer’s stock worth $42,742,000 after purchasing an additional 533,991 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

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.