StockNews.com Downgrades Silicon Motion Technology (NASDAQ:SIMO) to Hold

Silicon Motion Technology (NASDAQ:SIMO) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Monday.

A number of other brokerages also recently commented on SIMO. Needham & Company LLC lowered their target price on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Roth Mkm cut their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, October 8th. Bank of America lowered shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and cut their target price for the company from $90.00 to $60.00 in a report on Friday, August 16th. B. Riley dropped their price target on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, Susquehanna cut their price objective on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Trading Up 3.2 %

SIMO opened at $53.94 on Monday. Silicon Motion Technology has a 12-month low of $51.92 and a 12-month high of $85.87. The firm has a 50 day moving average of $58.00 and a two-hundred day moving average of $68.86. The firm has a market capitalization of $1.82 billion, a PE ratio of 20.43, a P/E/G ratio of 1.34 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. The firm had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.49 million. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.32 earnings per share. As a group, analysts predict that Silicon Motion Technology will post 2.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SIMO. Allspring Global Investments Holdings LLC raised its position in shares of Silicon Motion Technology by 34.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,700 shares of the semiconductor producer’s stock valued at $362,000 after buying an additional 1,200 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Silicon Motion Technology by 69.7% in the 1st quarter. BNP Paribas Financial Markets now owns 8,400 shares of the semiconductor producer’s stock valued at $646,000 after acquiring an additional 3,449 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Silicon Motion Technology by 14.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 83,663 shares of the semiconductor producer’s stock worth $6,437,000 after purchasing an additional 10,513 shares in the last quarter. Lester Murray Antman dba SimplyRich acquired a new position in shares of Silicon Motion Technology during the 1st quarter worth approximately $220,000. Finally, SG Americas Securities LLC grew its position in shares of Silicon Motion Technology by 11.5% in the first quarter. SG Americas Securities LLC now owns 37,916 shares of the semiconductor producer’s stock valued at $2,917,000 after purchasing an additional 3,899 shares in the last quarter. Hedge funds and other 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.