Silicon Motion Technology (NASDAQ:SIMO) Price Target Raised to $110.00

Silicon Motion Technology (NASDAQ:SIMO) had its target price lifted by Susquehanna from $100.00 to $110.00 in a report released on Monday, Benzinga reports. The firm presently has a “positive” rating on the semiconductor producer’s stock. Susquehanna’s price target points to a potential upside of 38.82% from the stock’s current price.

Several other research firms have also weighed in on SIMO. Wedbush reaffirmed an “outperform” rating and issued a $85.00 price objective on shares of Silicon Motion Technology in a research note on Friday, May 3rd. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. increased their price objective on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. B. Riley boosted their target price on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Finally, Craig Hallum increased their price target on Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a research note on Monday. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $91.13.

Silicon Motion Technology Stock Up 0.8 %

Shares of SIMO stock opened at $79.24 on Monday. Silicon Motion Technology has a 12-month low of $49.50 and a 12-month high of $95.33. The firm has a 50 day moving average price of $75.00 and a two-hundred day moving average price of $66.12. The company has a market capitalization of $2.67 billion, a PE ratio of 45.02, a price-to-earnings-growth ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, beating 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 business had revenue of $202.38 million during the quarter, compared to analysts’ expectations of $197.60 million. As a group, research analysts expect that Silicon Motion Technology will post 2.65 EPS for the current year.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC raised its holdings in Silicon Motion Technology by 154.9% during 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 last quarter. Signaturefd LLC raised its stake in Silicon Motion Technology by 183.5% during the third quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock worth $35,000 after buying an additional 444 shares during the last quarter. Assetmark Inc. acquired a new position in Silicon Motion Technology in the third quarter valued at $51,000. CVA Family Office LLC bought a new stake in Silicon Motion Technology during the fourth quarter valued at $65,000. Finally, Covestor Ltd grew its holdings in Silicon Motion Technology by 76.9% during the 3rd quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock worth $92,000 after acquiring an additional 777 shares during the period. 78.02% of the stock is currently owned by institutional investors.

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.