Silicon Motion Technology (NASDAQ:SIMO) Given New $260.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised its price target on Silicon Motion to $260 (from $145) and kept an overweight rating, implying roughly a 14% upside from the stock's then-current level.
• Other firms have also been bullish—Susquehanna lifted its target to $275, B. Riley and Craig Hallum reaffirmed/issued buy ratings—leaving a consensus of "Moderate Buy" with 11 Buys and one Hold and a consensus target of $205.63.
• Shares traded up about 4.3% to $228.13 on the news; the company has a market cap of $7.75 billion, a PE of 45.27, and roughly 78% institutional ownership, reflecting strong investor interest despite a high valuation.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) had its price objective lifted by research analysts at JPMorgan Chase & Co. from $145.00 to $260.00 in a report released on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the semiconductor producer's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 13.97% from the company's current price.

SIMO has been the topic of a number of other research reports. B. Riley Financial reissued a "buy" rating on shares of Silicon Motion Technology in a research report on Thursday. Susquehanna lifted their price objective on Silicon Motion Technology from $175.00 to $275.00 and gave the company a "positive" rating in a report on Thursday. Zacks Research cut Silicon Motion Technology from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Wall Street Zen cut Silicon Motion Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, April 25th. Finally, Craig Hallum reaffirmed a "buy" rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a report on Thursday. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $205.63.

Silicon Motion Technology Trading Up 4.3%

SIMO stock traded up $9.35 during mid-day trading on Friday, hitting $228.13. 597,799 shares of the company were exchanged, compared to its average volume of 730,379. The business has a 50 day simple moving average of $130.66 and a 200-day simple moving average of $111.85. The stock has a market capitalization of $7.75 billion, a PE ratio of 45.27, a price-to-earnings-growth ratio of 1.47 and a beta of 1.09. Silicon Motion Technology has a 1-year low of $51.01 and a 1-year high of $230.00.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Kornitzer Capital Management Inc. KS bought a new stake in shares of Silicon Motion Technology during the first quarter worth $4,827,000. AIGH Capital Management LLC bought a new stake in shares of Silicon Motion Technology during the first quarter worth $22,458,000. Hardy Reed LLC grew its stake in shares of Silicon Motion Technology by 3.4% during the first quarter. Hardy Reed LLC now owns 5,010 shares of the semiconductor producer's stock worth $563,000 after buying an additional 166 shares during the last quarter. Y Intercept Hong Kong Ltd grew its stake in shares of Silicon Motion Technology by 321.8% during the first quarter. Y Intercept Hong Kong Ltd now owns 39,350 shares of the semiconductor producer's stock worth $4,419,000 after buying an additional 30,022 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Silicon Motion Technology during the first quarter worth $496,000. 78.02% of the stock is owned by institutional investors.

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.

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