Silicon Motion Technology (NASDAQ:SIMO) Lifted to Overweight at Morgan Stanley

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) was upgraded by investment analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The firm currently has a $88.00 target price on the semiconductor producer's stock, up from their previous target price of $59.00. Morgan Stanley's price target points to a potential upside of 11.99% from the stock's current price.

Several other equities analysts also recently commented on SIMO. StockNews.com upgraded shares of Silicon Motion Technology from a "hold" rating to a "buy" rating in a report on Friday. JPMorgan Chase & Co. boosted their price objective on Silicon Motion Technology from $77.00 to $85.00 and gave the company an "overweight" rating in a report on Thursday, February 8th. Needham & Company LLC upped their price objective on Silicon Motion Technology from $75.00 to $85.00 and gave the company a "buy" rating in a research report on Wednesday, April 10th. Craig Hallum lifted their target price on Silicon Motion Technology from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Wednesday, February 7th. Finally, Wedbush restated an "outperform" rating and issued a $85.00 price target on shares of Silicon Motion Technology in a report on Friday. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $91.13.

Silicon Motion Technology Stock Performance

SIMO stock traded up $4.62 during midday trading on Monday, reaching $78.58. 1,001,579 shares of the company traded hands, compared to its average volume of 450,274. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 44.65, a P/E/G ratio of 3.98 and a beta of 0.87. The business has a 50 day moving average of $74.80 and a 200-day moving average of $65.95. Silicon Motion Technology has a 52-week low of $49.50 and a 52-week high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.12. The company had revenue of $202.38 million for the quarter, compared to analyst estimates of $197.60 million. Silicon Motion Technology had a return on equity of 7.77% and a net margin of 8.34%. Research analysts anticipate that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Hedge Funds Weigh In On Silicon Motion Technology

A number of large investors have recently added to or reduced their stakes in the company. Inspire Advisors LLC purchased a new stake in Silicon Motion Technology during the third quarter valued at approximately $646,000. Skylands Capital LLC grew its stake in Silicon Motion Technology by 46.7% during the 3rd quarter. Skylands Capital LLC now owns 35,200 shares of the semiconductor producer's stock worth $1,804,000 after buying an additional 11,200 shares during the last quarter. Assetmark Inc. acquired a new position in Silicon Motion Technology during the 3rd quarter valued at about $51,000. Signaturefd LLC raised its stake in Silicon Motion Technology by 183.5% in the third quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer's stock valued at $35,000 after buying an additional 444 shares during the last quarter. Finally, Privium Fund Management UK Ltd boosted its holdings in Silicon Motion Technology by 21.4% in the third quarter. Privium Fund Management UK Ltd now owns 8,500 shares of the semiconductor producer's stock worth $435,000 after acquiring an additional 1,500 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors.

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.