Silicon Motion Technology Corporation (NASDAQ:SIMO) Stock Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Wall Street maintains a “Moderate Buy” consensus on Silicon Motion Technology, with nine buy ratings and one hold rating among 10 analysts. The average 12-month price target is $341.43.
• Silicon Motion reported strong quarterly results, with EPS of $2.43 versus the $2.13 estimate and revenue of $451 million versus $403.41 million expected; revenue increased 127% year over year.
• Institutional ownership stands at 78.02%, with several major investors increasing their positions, including Arrowstreet Capital, Hawk Ridge Capital Management, and Tidal Investments.

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Get Free Report) have been given a consensus rating of "Moderate Buy" by the ten analysts that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $341.43.

SIMO has been the subject of several recent research reports. Craig Hallum reissued a "buy" rating and set a $325.00 price objective on shares of Silicon Motion Technology in a report on Friday, July 31st. 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. B. Riley Financial raised their price objective on shares of Silicon Motion Technology from $312.00 to $350.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Wall Street Zen lowered shares of Silicon Motion Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 15th. Finally, Weiss Ratings raised shares of Silicon Motion Technology from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 2nd.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $218.39 on Friday. The stock has a fifty day moving average of $257.92 and a 200-day moving average of $248.26. The stock has a market capitalization of $7.41 billion, a P/E ratio of 25.60, a price-to-earnings-growth ratio of 0.39 and a beta of 1.69. Silicon Motion Technology has a 52 week low of $79.76 and a 52 week high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, topping analysts' consensus estimates of $2.13 by $0.30. The company had revenue of $451.00 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 127.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.69 earnings per share. Equities research analysts forecast that Silicon Motion Technology will post 10.60 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hawk Ridge Capital Management LP grew its stake in shares of Silicon Motion Technology by 48.9% during the first quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer's stock worth $131,752,000 after purchasing an additional 385,568 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Silicon Motion Technology by 112.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 425,697 shares of the semiconductor producer's stock valued at $47,802,000 after acquiring an additional 225,221 shares during the last quarter. AIGH Capital Management LLC acquired a new stake in shares of Silicon Motion Technology in the 1st quarter valued at approximately $22,458,000. Schwartz Investment Counsel Inc. raised its position in shares of Silicon Motion Technology by 36.4% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 300,000 shares of the semiconductor producer's stock valued at $33,687,000 after acquiring an additional 80,000 shares during the period. Finally, Tidal Investments LLC grew its holdings in shares of Silicon Motion Technology by 135.9% in the 2nd quarter. Tidal Investments LLC now owns 116,620 shares of the semiconductor producer's stock valued at $38,873,000 after buying an additional 67,178 shares during the period. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company that designs and develops NAND flash storage controllers and related semiconductor solutions. Its products manage data storage, performance, reliability and power consumption in devices that use NAND flash memory.

The company supplies controllers for client solid-state drives (SSDs), enterprise and industrial storage applications, embedded storage products such as eMMC and UFS, and removable storage including memory cards and USB flash drives.

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