Silicon Motion Technology (NASDAQ:SIMO) Given New $90.00 Price Target at Roth Capital

Silicon Motion Technology (NASDAQ:SIMO) had its price target lifted by Roth Capital from $70.00 to $90.00 in a research note released on Tuesday,Benzinga reports. Roth Capital currently has a buy rating on the semiconductor producer’s stock.

A number of other brokerages have also recently issued reports on SIMO. Wedbush restated an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Needham & Company LLC decreased their price target on 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. Bank of America upgraded Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price objective on the stock in a report on Wednesday, April 23rd. Finally, B. Riley reaffirmed a “buy” rating and set a $90.00 price objective (up from $75.00) on shares of Silicon Motion Technology in a research note on Thursday, June 5th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $79.11.

Silicon Motion Technology Stock Down 2.0%

Shares of Silicon Motion Technology stock opened at $68.41 on Tuesday. The business has a fifty day simple moving average of $55.51 and a 200-day simple moving average of $54.34. Silicon Motion Technology has a fifty-two week low of $37.21 and a fifty-two week high of $85.87. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of 24.52, a price-to-earnings-growth ratio of 1.69 and a beta of 0.80.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.16. The company had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a net margin of 12.06% and a return on equity of 12.00%. Silicon Motion Technology’s revenue was down 12.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.64 EPS. Analysts anticipate that Silicon Motion Technology will post 3.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Invesco Ltd. lifted its position in shares of Silicon Motion Technology by 61.3% in the first quarter. Invesco Ltd. now owns 1,675,648 shares of the semiconductor producer’s stock worth $84,721,000 after purchasing an additional 636,869 shares in the last quarter. Reinhart Partners LLC. lifted its position in Silicon Motion Technology by 20.1% in the 1st quarter. Reinhart Partners LLC. now owns 1,364,291 shares of the semiconductor producer’s stock worth $68,979,000 after buying an additional 228,553 shares in the last quarter. Lord Abbett & CO. LLC lifted its position in Silicon Motion Technology by 20.0% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer’s stock worth $71,612,000 after buying an additional 221,017 shares in the last quarter. Pertento Partners LLP boosted its stake in shares of Silicon Motion Technology by 31.2% during the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer’s stock valued at $63,072,000 after buying an additional 277,462 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Silicon Motion Technology by 4.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 799,118 shares of the semiconductor producer’s stock valued at $40,403,000 after acquiring an additional 35,699 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.