Silicon Motion Technology Co. (NASDAQ:SIMO) Given Average Recommendation of "Moderate Buy" by Analysts

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO - Get Free Report) have received an average recommendation of "Moderate Buy" from the eight ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $75.88.

Several analysts have weighed in on SIMO shares. B. Riley boosted their price target on Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Wedbush reaffirmed an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Needham & Company LLC reduced their price target on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. StockNews.com downgraded shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Finally, Bank of America raised shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 target price for the company in a report on Wednesday, April 23rd.

Silicon Motion Technology Stock Up 1.5%

SIMO stock traded up $0.87 during trading on Friday, hitting $58.29. The company had a trading volume of 137,867 shares, compared to its average volume of 370,627. The firm has a market capitalization of $1.98 billion, a P/E ratio of 21.67, a PEG ratio of 1.36 and a beta of 0.72. Silicon Motion Technology has a 52-week low of $37.21 and a 52-week high of $85.87. The company has a 50 day simple moving average of $48.20 and a 200-day simple moving average of $52.44.

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

Silicon Motion Technology announced that its board has approved a stock buyback program on Wednesday, February 5th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the semiconductor producer to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds have recently made changes to their positions in SIMO. GAMMA Investing LLC lifted its holdings in Silicon Motion Technology by 123.2% in the 4th quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer's stock valued at $47,000 after purchasing an additional 484 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Silicon Motion Technology by 61.8% in the first quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock valued at $58,000 after purchasing an additional 440 shares in the last quarter. Signaturefd LLC increased its holdings in shares of Silicon Motion Technology by 79.3% in the first quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer's stock valued at $84,000 after purchasing an additional 736 shares during the last quarter. Menard Financial Group LLC purchased a new position in Silicon Motion Technology during the fourth quarter worth approximately $88,000. Finally, Blue Trust Inc. boosted its stake in Silicon Motion Technology by 64.7% during the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer's stock worth $122,000 after buying an additional 883 shares during the last quarter. Institutional investors and hedge funds own 78.02% of the company's stock.

Silicon Motion Technology Company Profile

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.