Silicon Motion Technology (NASDAQ:SIMO) Stock Price Target Cut by B. Riley Financial

Key Points

• B. Riley Financial cut Silicon Motion Technology’s price target from $350 to $288 but maintained a “buy” rating, implying 53.22% potential upside from the stock’s $187.96 price.
• Analyst sentiment remains favorable: nine analysts rate SIMO a Buy and one a Hold, with an average target price of $332.57.
• Silicon Motion reported quarterly EPS of $2.43 versus the $2.13 consensus estimate, while revenue rose 127% year over year to $451 million.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) had its target price reduced by stock analysts at B. Riley Financial from $350.00 to $288.00 in a research note issued on Friday, Benzinga reports. The firm currently has a "buy" rating on the semiconductor producer's stock. B. Riley Financial's price objective would indicate a potential upside of 53.22% from the company's current price.

SIMO has been the topic of a number of other reports. Roth Capital restated a "buy" rating and set a $350.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, July 30th. Needham & Company LLC increased their target price on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Weiss Ratings cut shares of Silicon Motion Technology from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, October 16th. Susquehanna raised their target price on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the company a "positive" rating in a research note on Friday, July 31st. Finally, Craig Hallum restated a "buy" rating and set a $325.00 price target on shares of Silicon Motion Technology in a research report on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Silicon Motion Technology has an average rating of "Moderate Buy" and an average target price of $332.57.

Silicon Motion Technology Price Performance

Shares of SIMO stock opened at $187.96 on Friday. Silicon Motion Technology has a 12-month low of $79.76 and a 12-month high of $355.00. The firm has a market capitalization of $6.37 billion, a price-to-earnings ratio of 26.06, a price-to-earnings-growth ratio of 0.39 and a beta of 1.69. The business has a 50 day simple moving average of $254.94 and a 200 day simple moving average of $251.71.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, beating the consensus estimate of $2.13 by $0.30. The firm had revenue of $451.00 million for the quarter, compared to analysts' expectations of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%. The firm's revenue was up 127.0% compared to the same quarter last year. During the same period last year, the firm earned $0.69 EPS. On average, equities analysts anticipate that Silicon Motion Technology will post 10.60 EPS for the current fiscal year.

Institutional Trading of Silicon Motion Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the company. MBL Wealth LLC grew its stake in shares of Silicon Motion Technology by 128.3% in the 3rd quarter. MBL Wealth LLC now owns 4,680 shares of the semiconductor producer's stock worth $1,310,000 after purchasing an additional 2,630 shares during the last quarter. T3 Companies LLC bought a new stake in shares of Silicon Motion Technology in the 3rd quarter worth approximately $276,000. Reyes Financial Architecture Inc. bought a new stake in shares of Silicon Motion Technology in the 3rd quarter worth approximately $58,000. Vest Financial LLC lifted its stake in Silicon Motion Technology by 39.8% during the third quarter. Vest Financial LLC now owns 2,598 shares of the semiconductor producer's stock valued at $727,000 after purchasing an additional 740 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Silicon Motion Technology by 2.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 307,570 shares of the semiconductor producer's stock valued at $86,120,000 after purchasing an additional 7,871 shares during the last quarter. Institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company that designs, develops and markets NAND flash storage controllers. Its products manage the storage, performance, reliability and power consumption of data stored in NAND flash memory and are used in a range of consumer, mobile, computing and industrial applications.

The company's product portfolio includes controllers for solid-state drives (SSDs), embedded storage products such as eMMC and UFS devices, and other flash-based storage solutions.

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