Silicon Motion Technology Corporation (NASDAQ:SIMO) Receives Average Rating of “Buy” from Analysts

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have earned an average recommendation of “Buy” from the ten brokerages that are presently covering the stock, Marketbeat.com reports. Ten analysts have rated the stock with a buy recommendation. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $83.89.

A number of equities analysts recently weighed in on the stock. B. Riley reiterated a “buy” rating and issued a $90.00 price objective (up from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. Needham & Company LLC reduced their target price on shares of Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Citigroup upgraded shares of Silicon Motion Technology to a “buy” rating in a research note on Wednesday, June 18th. Bank of America raised shares of Silicon Motion Technology from a “neutral” rating to a “buy” rating and set a $90.00 price target for the company in a report on Wednesday, June 18th. Finally, Roth Capital raised their price objective on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, June 17th.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $75.77 on Friday. Silicon Motion Technology has a fifty-two week low of $37.21 and a fifty-two week high of $85.00. The firm has a 50-day simple moving average of $59.82 and a 200-day simple moving average of $55.09. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of 27.16, a price-to-earnings-growth ratio of 11.82 and a beta of 0.80.

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

Institutional Trading of Silicon Motion Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC grew its position in Silicon Motion Technology by 61.8% during the first quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer’s stock worth $58,000 after buying an additional 440 shares during the period. Menard Financial Group LLC purchased a new stake in shares of Silicon Motion Technology during the 4th quarter worth approximately $88,000. Signaturefd LLC grew its holdings in shares of Silicon Motion Technology by 79.3% in the 1st quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer’s stock worth $84,000 after acquiring an additional 736 shares during the period. LRI Investments LLC grew its holdings in shares of Silicon Motion Technology by 519.0% in the 4th quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer’s stock worth $164,000 after acquiring an additional 2,543 shares during the period. Finally, Covestor Ltd increased its stake in Silicon Motion Technology by 161.4% in the 1st quarter. Covestor Ltd now owns 3,429 shares of the semiconductor producer’s stock valued at $173,000 after purchasing an additional 2,117 shares in the last quarter. Institutional investors and hedge funds 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.