Brokerages Set Silicon Motion Technology Co. (NASDAQ:SIMO) PT at $75.88

Silicon Motion Technology Co. (NASDAQ:SIMO - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the eight research firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $75.88.

A number of research firms have issued reports on SIMO. B. Riley upped their target price on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Needham & Company LLC reduced their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Bank of America upgraded shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 target price on the stock in a research report on Wednesday, April 23rd. Wedbush reiterated an "outperform" rating and issued a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Finally, Wall Street Zen cut Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th.

Silicon Motion Technology Stock Up 1.0%

Shares of Silicon Motion Technology stock traded up $0.65 during trading on Tuesday, hitting $65.64. 384,993 shares of the company were exchanged, compared to its average volume of 389,258. Silicon Motion Technology has a fifty-two week low of $37.21 and a fifty-two week high of $85.87. The firm has a 50 day moving average price of $51.07 and a 200 day moving average price of $53.39. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 24.40, a P/E/G ratio of 1.36 and a beta of 0.72.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.16. The company had revenue of $166.49 million during the quarter, compared to analysts' expectations of $162.69 million. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The business's revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 earnings per share. Analysts predict that Silicon Motion Technology will post 3.08 earnings per share for the current year.

Silicon Motion Technology declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Institutional Trading of Silicon Motion Technology

Institutional investors have recently made changes to their positions in the stock. Clearline Capital LP raised its position in shares of Silicon Motion Technology by 67.5% in the 1st quarter. Clearline Capital LP now owns 289,846 shares of the semiconductor producer's stock worth $14,655,000 after buying an additional 116,850 shares during the period. Goldman Sachs Group Inc. increased its stake in Silicon Motion Technology by 155.0% during the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer's stock worth $3,741,000 after acquiring an additional 44,976 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in shares of Silicon Motion Technology by 2.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 646,264 shares of the semiconductor producer's stock worth $32,675,000 after purchasing an additional 18,054 shares during the period. Royal Bank of Canada lifted its stake in shares of Silicon Motion Technology by 87.6% in the 1st quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer's stock valued at $3,522,000 after purchasing an additional 32,527 shares in the last quarter. Finally, Apis Capital Advisors LLC grew its holdings in shares of Silicon Motion Technology by 105.0% during the 1st quarter. Apis Capital Advisors LLC now owns 164,000 shares of the semiconductor producer's stock worth $8,292,000 after purchasing an additional 84,000 shares during the period. 78.02% of the stock is owned by hedge funds and other 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.