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

Key Points

• B. Riley lowered its price target on Silicon Motion from $310 to $290 but maintained a Buy rating; the new target implies 70.73% upside from the reported share price.
• Analyst sentiment remains broadly positive: MarketBeat reported an average “Moderate Buy” rating and average target of $328.75, though one analyst rated the stock Hold.
• Silicon Motion beat quarterly estimates, reporting EPS of $4.35 versus $3.30 expected and revenue of $560.22 million versus $529.10 million expected; revenue rose 131.5% year over year.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) had its price target decreased by investment analysts at B. Riley Financial from $310.00 to $290.00 in a report released on Monday, Benzinga reports. The firm currently has a "buy" rating on the semiconductor producer's stock. B. Riley Financial's price target would suggest a potential upside of 70.73% from the company's current price.

SIMO has been the topic of several other reports. Susquehanna boosted their target price on Silicon Motion Technology from $275.00 to $350.00 and gave the stock a "positive" rating in a report on Friday, July 31st. Craig Hallum reiterated a "buy" rating and set a $325.00 price target on shares of Silicon Motion Technology in a research report on Friday, July 31st. Zacks Research cut Silicon Motion Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 2nd. Roth Capital reaffirmed a "buy" rating and issued a $350.00 target price on shares of Silicon Motion Technology in a research note on Thursday, July 30th. Finally, China Renaissance assumed coverage on Silicon Motion Technology in a report on Wednesday, October 28th. They issued a "buy" rating and a $300.00 price target for the company. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $328.75.

Silicon Motion Technology Stock Up 4.4%

NASDAQ:SIMO traded up $7.10 during mid-day trading on Monday, reaching $169.86. The stock had a trading volume of 74,233 shares, compared to its average volume of 901,154. The stock has a market cap of $5.76 billion, a P/E ratio of 18.28, a PEG ratio of 0.29 and a beta of 1.78. The business's 50 day moving average is $241.43 and its 200 day moving average is $215.16. The company has a debt-to-equity ratio of 1.00, a current ratio of 5.68 and a quick ratio of 3.65. Silicon Motion Technology has a fifty-two week low of $79.76 and a fifty-two week high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its earnings results on Wednesday, October 28th. The semiconductor producer reported $4.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.30 by $1.05. The firm had revenue of $560.22 million during the quarter, compared to analysts' expectations of $529.10 million. Silicon Motion Technology had a net margin of 19.36% and a return on equity of 32.29%. The company's revenue was up 131.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.00 earnings per share. As a group, sell-side analysts predict that Silicon Motion Technology will post 10.20 earnings per share 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 business. Assetmark Inc. increased its stake in shares of Silicon Motion Technology by 2.3% during the 1st quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer's stock worth $316,000 after purchasing an additional 63 shares during the last quarter. Greenleaf Trust raised its holdings in shares of Silicon Motion Technology by 7.9% in the 3rd quarter. Greenleaf Trust now owns 1,025 shares of the semiconductor producer's stock valued at $287,000 after purchasing an additional 75 shares during the period. Cooper Investors PTY Ltd. acquired a new stake in Silicon Motion Technology in the 2nd quarter valued at about $34,000. Stronghold Wealth Management L.L.C. lifted its stake in Silicon Motion Technology by 17.8% in the 3rd quarter. Stronghold Wealth Management L.L.C. now owns 740 shares of the semiconductor producer's stock valued at $207,000 after purchasing an additional 112 shares during the last quarter. Finally, Pinnacle Wealth Planning Services Inc. lifted its stake in Silicon Motion Technology by 33.5% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 658 shares of the semiconductor producer's stock valued at $184,000 after purchasing an additional 165 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

About Silicon Motion Technology

Silicon Motion Technology Corporation is a fabless semiconductor company that designs and markets NAND flash controllers and related storage solutions. Its products help manage data storage and retrieval in devices that use NAND flash memory.

The company's offerings include controllers for solid-state drives (SSDs), embedded storage such as eMMC and UFS, and removable storage products including memory cards and USB flash drives. Silicon Motion also develops firmware and other technologies for storage applications.

Founded in 1995, Silicon Motion serves customers around the world, including storage-device manufacturers, module makers and electronics companies.

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