Susquehanna Forecasts Strong Price Appreciation for Silicon Motion Technology (NASDAQ:SIMO) Stock

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 target price lifted by stock analysts at Susquehanna from $90.00 to $95.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "positive" rating on the semiconductor producer's stock. Susquehanna's price objective suggests a potential upside of 26.96% from the company's current price.

Several other equities analysts have also recently weighed in on the stock. Craig Hallum raised their target price on shares of Silicon Motion Technology from $70.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Roth Capital raised their target price on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. B. Riley reissued a "buy" rating and issued a $90.00 target price (up from $75.00) on shares of Silicon Motion Technology in a research note on Thursday, June 5th. Needham & Company LLC raised their target price on shares of Silicon Motion Technology from $65.00 to $90.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Wedbush reissued an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Silicon Motion Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.78.

Silicon Motion Technology Price Performance

Shares of SIMO traded down $1.69 during mid-day trading on Friday, hitting $74.83. 315,726 shares of the company's stock were exchanged, compared to its average volume of 444,491. The company has a market cap of $2.54 billion, a PE ratio of 31.57, a P/E/G ratio of 3.64 and a beta of 0.92. Silicon Motion Technology has a 52 week low of $37.21 and a 52 week high of $85.11. The company has a 50-day simple moving average of $70.87 and a 200 day simple moving average of $58.55.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.15. The company had revenue of $198.68 million during the quarter, compared to analysts' expectations of $180.40 million. Silicon Motion Technology had a net margin of 10.36% and a return on equity of 10.14%. The business's quarterly revenue was down 5.7% on a year-over-year basis. During the same period last year, the business earned $0.96 EPS. On average, analysts anticipate that Silicon Motion Technology will post 3.08 earnings per share for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently modified their holdings of SIMO. Parallel Advisors LLC raised its stake in 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. GAMMA Investing LLC raised its stake in Silicon Motion Technology by 118.3% in the second quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer's stock valued at $73,000 after purchasing an additional 529 shares in the last quarter. Signaturefd LLC raised its stake in 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 in the last quarter. Menard Financial Group LLC acquired a new position in Silicon Motion Technology in the fourth quarter valued at about $88,000. Finally, Blue Trust Inc. raised its stake in Silicon Motion Technology by 53.3% in the second quarter. Blue Trust Inc. now owns 2,026 shares of the semiconductor producer's stock valued at $152,000 after purchasing an additional 704 shares in the last quarter. Institutional investors and hedge funds 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.