Craig Hallum Issues Positive Forecast for Silicon Motion Technology (NASDAQ:SIMO) Stock Price

Key Points

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Silicon Motion Technology (NASDAQ:SIMO - Free Report) had its price objective increased by Craig Hallum from $70.00 to $100.00 in a research report report published on Thursday, MarketBeat reports. Craig Hallum currently has a buy rating on the semiconductor producer's stock.

SIMO has been the topic of several other research reports. Citigroup upgraded shares of Silicon Motion Technology to a "buy" rating in a report on Wednesday, June 18th. Susquehanna lifted their price target on shares of Silicon Motion Technology from $80.00 to $90.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. B. Riley reissued a "buy" rating and set a $90.00 price objective (up previously from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. Roth Capital raised their price objective on Silicon Motion Technology from $70.00 to $90.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $87.78.

Silicon Motion Technology Price Performance

NASDAQ SIMO traded up $0.62 on Thursday, reaching $77.04. 30,669 shares of the company's stock traded hands, compared to its average volume of 443,757. Silicon Motion Technology has a 12 month low of $37.21 and a 12 month high of $85.11. The stock has a 50-day simple moving average of $70.87 and a 200 day simple moving average of $58.55. The stock has a market cap of $2.62 billion, a PE ratio of 32.51, a P/E/G ratio of 3.64 and a beta of 0.92.

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

Silicon Motion Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be paid a $0.50 dividend. The ex-dividend date is Thursday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.6%. Silicon Motion Technology's dividend payout ratio (DPR) is presently 83.97%.

Institutional Trading of Silicon Motion Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cerity Partners LLC grew its position in shares of Silicon Motion Technology by 35.9% during the 1st quarter. Cerity Partners LLC now owns 31,413 shares of the semiconductor producer's stock worth $1,588,000 after buying an additional 8,298 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Silicon Motion Technology by 66.8% in the first quarter. Farther Finance Advisors LLC now owns 3,819 shares of the semiconductor producer's stock worth $195,000 after purchasing an additional 1,529 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Silicon Motion Technology by 16.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 5,692 shares of the semiconductor producer's stock worth $288,000 after purchasing an additional 785 shares during the last quarter. Sei Investments Co. raised its stake in shares of Silicon Motion Technology by 7.1% in the fourth quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer's stock worth $3,179,000 after purchasing an additional 3,875 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Silicon Motion Technology by 62.6% during the fourth quarter. First Trust Advisors LP now owns 62,117 shares of the semiconductor producer's stock valued at $3,357,000 after acquiring an additional 23,921 shares in the last quarter. Hedge funds and other institutional investors 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.