B. Riley Reiterates “Buy” Rating for Silicon Motion Technology (NASDAQ:SIMO)

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “buy” rating reaffirmed by B. Riley in a report issued on Thursday,Benzinga reports. They currently have a $90.00 price target on the semiconductor producer’s stock, up from their previous price target of $75.00. B. Riley’s price objective suggests a potential upside of 34.17% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on SIMO. Wall Street Zen downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Bank of America raised shares of Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price objective for the company in a report on Wednesday, April 23rd. Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Finally, Needham & Company LLC dropped their price target on shares of Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $77.75.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $67.08 on Thursday. The firm has a 50-day simple moving average of $52.01 and a 200 day simple moving average of $53.66. Silicon Motion Technology has a twelve month low of $37.21 and a twelve month high of $85.87. The stock has a market cap of $2.28 billion, a PE ratio of 24.94, a PEG ratio of 1.36 and a beta of 0.80.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, beating the consensus estimate of $0.44 by $0.16. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The firm had revenue of $166.49 million during the quarter, compared to analysts’ expectations of $162.69 million. During the same quarter in the prior year, the firm posted $0.64 EPS. The company’s revenue for the quarter was down 12.1% on a year-over-year basis. Research analysts forecast that Silicon Motion Technology will post 3.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SIMO. Quadrant Capital Group LLC increased its holdings in shares of Silicon Motion Technology by 7.2% during the fourth quarter. Quadrant Capital Group LLC now owns 3,959 shares of the semiconductor producer’s stock worth $214,000 after buying an additional 267 shares in the last quarter. Geode Capital Management LLC increased its holdings in Silicon Motion Technology by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 36,248 shares of the semiconductor producer’s stock valued at $1,959,000 after purchasing an additional 300 shares in the last quarter. Twinbeech Capital LP raised its position in Silicon Motion Technology by 4.2% in the 4th quarter. Twinbeech Capital LP now owns 10,773 shares of the semiconductor producer’s stock valued at $582,000 after purchasing an additional 438 shares during the last quarter. Parallel Advisors LLC raised its position in Silicon Motion Technology by 61.8% in the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer’s stock valued at $58,000 after purchasing an additional 440 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in Silicon Motion Technology by 8.7% in the fourth quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer’s stock worth $306,000 after purchasing an additional 453 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.