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

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 firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $80.63.

A number of brokerages have recently weighed in on SIMO. Wedbush reiterated an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a report on Monday, December 23rd. StockNews.com downgraded shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Finally, Needham & Company LLC restated a "buy" rating and set a $70.00 price target on shares of Silicon Motion Technology in a report on Friday, February 7th.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors have recently bought and sold shares of SIMO. North Star Investment Management Corp. bought a new stake in shares of Silicon Motion Technology during the 1st quarter worth about $273,000. Harbor Capital Advisors Inc. boosted its position in Silicon Motion Technology by 34.6% during the first quarter. Harbor Capital Advisors Inc. now owns 122,513 shares of the semiconductor producer's stock worth $6,194,000 after purchasing an additional 31,470 shares during the period. Farther Finance Advisors LLC grew its holdings in Silicon Motion Technology by 66.8% during the first quarter. Farther Finance Advisors LLC now owns 3,819 shares of the semiconductor producer's stock valued at $195,000 after purchasing an additional 1,529 shares during the last quarter. Reinhart Partners LLC. raised its position in shares of Silicon Motion Technology by 20.1% in the first quarter. Reinhart Partners LLC. now owns 1,364,291 shares of the semiconductor producer's stock valued at $68,979,000 after purchasing an additional 228,553 shares during the period. Finally, Naples Global Advisors LLC raised its position in shares of Silicon Motion Technology by 6.4% in the first quarter. Naples Global Advisors LLC now owns 22,060 shares of the semiconductor producer's stock valued at $1,115,000 after purchasing an additional 1,335 shares during the period. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock traded down $0.62 during midday trading on Monday, reaching $39.22. The stock had a trading volume of 327,460 shares, compared to its average volume of 358,834. The firm's fifty day simple moving average is $50.70 and its two-hundred day simple moving average is $53.58. Silicon Motion Technology has a twelve month low of $37.21 and a twelve month high of $85.87. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 1.36 and a beta of 0.81.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. As a group, sell-side analysts predict that Silicon Motion Technology will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology announced that its Board of Directors has initiated a share buyback program on Wednesday, February 5th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the semiconductor producer to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

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.