Silicon Motion Technology (NASDAQ:SIMO) Rating Increased to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Silicon Motion Technology (NASDAQ:SIMO) from a "hold" to a strong-buy.
• Several firms have raised ratings and price targets—JPMorgan boosted its target to $260 and Susquehanna to $275—and MarketBeat shows an average price target of $205.63 with an overall "Buy" consensus.
• Silicon Motion beat quarterly expectations with EPS of $1.58 (vs. $1.31 expected) and revenue of $342.11M (vs. $299.53M expected), reporting revenue up 105.5% year-over-year; analysts now expect about 7.21 EPS for the fiscal year.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Tuesday,Zacks.com reports.

SIMO has been the topic of a number of other reports. B. Riley Financial reaffirmed a "buy" rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. JPMorgan Chase & Co. lifted their price target on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Susquehanna boosted their price objective on Silicon Motion Technology from $175.00 to $275.00 and gave the stock a "positive" rating in a report on Thursday, April 30th. Wedbush upped their price objective on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the company an "outperform" rating in a research note on Thursday, April 30th. Finally, Roth Mkm reiterated a "buy" rating and issued a $250.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. According to MarketBeat, Silicon Motion Technology has an average rating of "Buy" and an average price target of $205.63.

Silicon Motion Technology Stock Performance

Shares of NASDAQ:SIMO opened at $244.95 on Tuesday. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of 48.70, a PEG ratio of 0.79 and a beta of 1.67. Silicon Motion Technology has a 1-year low of $52.01 and a 1-year high of $248.59. The company has a 50 day moving average price of $134.91 and a 200 day moving average price of $114.27.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.27. The company had revenue of $342.11 million for the quarter, compared to analysts' expectations of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The firm's revenue was up 105.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 earnings per share. On average, sell-side analysts expect that Silicon Motion Technology will post 7.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Brown Brothers Harriman & Co. purchased a new stake in Silicon Motion Technology in the 3rd quarter worth about $26,000. WealthCollab LLC grew its stake in Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer's stock valued at $32,000 after acquiring an additional 151 shares in the last quarter. Arax Advisory Partners grew its stake in Silicon Motion Technology by 220.9% during the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer's stock valued at $41,000 after acquiring an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer's stock valued at $44,000 after purchasing an additional 366 shares during the period. Finally, MeadowBrook Investment Advisors LLC acquired a new position in shares of Silicon Motion Technology in the 4th quarter valued at about $71,000. 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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