Silicon Motion Technology (NASDAQ:SIMO) Given New $95.00 Price Target at Susquehanna

Key Points

• Susquehanna has raised its price target for Silicon Motion Technology (NASDAQ:SIMO) from $90.00 to $95.00, suggesting a potential upside of 27.21% from the previous close.
• Multiple analysts, including Citigroup and B. Riley, have also issued favorable ratings, with nine analysts rating the stock as "buy."
• Silicon Motion reported earnings of $0.69 EPS, exceeding estimates, despite a revenue decline of 5.7% compared to the same quarter last year.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) had its price objective boosted by equities researchers at Susquehanna from $90.00 to $95.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a "positive" rating on the semiconductor producer's stock. Susquehanna's price objective would indicate a potential upside of 27.21% from the stock's previous close.

A number of other analysts also recently issued reports on SIMO. Citigroup upgraded shares of Silicon Motion Technology to a "buy" rating in a report on Wednesday, June 18th. B. Riley restated a "buy" rating and set a $90.00 price target (up previously from $75.00) on shares of Silicon Motion Technology in a report on Thursday, June 5th. Wedbush restated an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Roth Capital increased their price objective on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Finally, Needham & Company LLC increased their price objective on shares of Silicon Motion Technology from $65.00 to $90.00 and gave the stock a "buy" rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $87.78.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $74.68 on Friday. The company has a 50 day simple moving average of $70.62 and a 200-day simple moving average of $58.27. The company has a market capitalization of $2.54 billion, a P/E ratio of 31.51, a P/E/G ratio of 12.39 and a beta of 0.85. Silicon Motion Technology has a 1 year low of $37.21 and a 1 year high of $85.11.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.54 by $0.15. The business had revenue of $198.68 million during the quarter, compared to the consensus estimate of $180.40 million. Silicon Motion Technology had a net margin of 10.36% and a return on equity of 10.15%. The business's revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.96 EPS. As a group, research analysts expect that Silicon Motion Technology will post 3.08 EPS for the current year.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC boosted its position in Silicon Motion Technology by 61.8% in the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock valued at $58,000 after buying an additional 440 shares during the period. GAMMA Investing LLC boosted its position in Silicon Motion Technology by 118.3% in the 2nd quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer's stock valued at $73,000 after buying an additional 529 shares during the period. Signaturefd LLC boosted its position in Silicon Motion Technology by 79.3% in the 1st quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer's stock valued at $84,000 after buying an additional 736 shares during the period. Menard Financial Group LLC purchased a new position in Silicon Motion Technology in the 4th quarter valued at approximately $88,000. Finally, Blue Trust Inc. boosted its position in Silicon Motion Technology by 53.3% in the 2nd quarter. Blue Trust Inc. now owns 2,026 shares of the semiconductor producer's stock valued at $152,000 after buying an additional 704 shares during the period. Hedge funds and other institutional investors own 78.02% of the company's stock.

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.

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