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

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have received an average recommendation of “Buy” from the twelve research firms that are covering the firm, MarketBeat Ratings reports. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $132.50.

SIMO has been the subject of a number of analyst reports. Craig Hallum restated a “buy” rating and set a $160.00 target price on shares of Silicon Motion Technology in a report on Thursday, February 5th. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 14th. B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, February 5th. William Blair began coverage on shares of Silicon Motion Technology in a report on Thursday, January 22nd. They issued an “outperform” rating for the company. Finally, Roth Mkm set a $140.00 price target on shares of Silicon Motion Technology and gave the company a “buy” rating in a report on Wednesday, February 4th.

Silicon Motion Technology Price Performance

SIMO stock opened at $122.30 on Thursday. Silicon Motion Technology has a 1-year low of $37.21 and a 1-year high of $146.85. The business has a 50-day moving average price of $118.45 and a 200 day moving average price of $99.48. The company has a market capitalization of $4.16 billion, a P/E ratio of 33.60, a PEG ratio of 0.79 and a beta of 1.02.

Institutional Trading of Silicon Motion Technology

A number of institutional investors have recently made changes to their positions in the business. Frontier Capital Management Co. LLC increased its position in Silicon Motion Technology by 115.4% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,281,115 shares of the semiconductor producer’s stock valued at $96,301,000 after buying an additional 686,261 shares in the last quarter. Wolf Hill Capital Management LP acquired a new position in shares of Silicon Motion Technology during the fourth quarter valued at about $53,893,000. Hawk Ridge Capital Management LP raised its position in shares of Silicon Motion Technology by 111.3% in the 4th quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock valued at $73,024,000 after purchasing an additional 415,000 shares during the last quarter. Ophir Asset Management Pty Ltd purchased a new position in shares of Silicon Motion Technology in the 2nd quarter valued at approximately $27,941,000. Finally, Man Group plc boosted its stake in Silicon Motion Technology by 820.7% in the 4th quarter. Man Group plc now owns 381,048 shares of the semiconductor producer’s stock worth $35,323,000 after purchasing an additional 339,663 shares in the last quarter. Institutional investors and hedge funds 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.