Silicon Motion Technology (NASDAQ:SIMO) Stock Rating Upgraded by StockNews.com

Silicon Motion Technology (NASDAQ:SIMO) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Tuesday.

Several other research firms have also weighed in on SIMO. Morgan Stanley dropped their price target on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Craig Hallum dropped their price target on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Roth Mkm dropped their target price on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, October 8th. B. Riley cut their target price on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Finally, Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Stock Down 1.7 %

NASDAQ SIMO opened at $56.20 on Tuesday. Silicon Motion Technology has a twelve month low of $50.50 and a twelve month high of $85.87. The firm has a market capitalization of $1.89 billion, a PE ratio of 21.29, a P/E/G ratio of 1.47 and a beta of 0.82. The stock’s 50 day moving average is $56.10 and its 200 day moving average is $65.77.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The company had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.49 million. During the same period in the previous year, the company posted $0.32 earnings per share. The firm’s revenue was up 23.3% on a year-over-year basis. On average, research analysts anticipate that Silicon Motion Technology will post 2.59 earnings per share for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

Several institutional investors have recently modified their holdings of the business. FMR LLC boosted its position in shares of Silicon Motion Technology by 27.7% during the third quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after buying an additional 485,862 shares during the last quarter. Reinhart Partners LLC. boosted its position in shares of Silicon Motion Technology by 43.3% during the third quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after buying an additional 326,358 shares during the last quarter. Millennium Management LLC boosted its position in shares of Silicon Motion Technology by 15.3% during the second quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock valued at $64,130,000 after buying an additional 105,084 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in shares of Silicon Motion Technology during the third quarter valued at $40,331,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in Silicon Motion Technology by 36.4% in the third quarter. The Manufacturers Life Insurance Company now owns 570,816 shares of the semiconductor producer’s stock valued at $34,671,000 after acquiring an additional 152,467 shares during the period. 78.02% of the stock is owned by hedge funds and other institutional investors.

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.