Silicon Motion Technology (NASDAQ:SIMO) Rating Lowered to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Silicon Motion from "strong-buy" to "buy," while most analysts remain positive—11 Buy ratings and one Hold—giving a consensus of "Moderate Buy" with an average target price of $132.50.
• The stock is trading near its 52-week high (opened at $153.46; 52-week high $153.79) with a market cap of $5.22 billion and a PE ratio of 42.16.
• Institutional ownership is high at 78.02%, and several investment firms recently added or initiated small stakes in the company.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued on Saturday.

A number of other research analysts have also recently commented on the company. Roth Mkm set a $140.00 price objective on Silicon Motion Technology and gave the company a "buy" rating in a report on Wednesday, February 4th. William Blair assumed coverage on Silicon Motion Technology in a report on Thursday, January 22nd. They issued an "outperform" rating on the stock. Weiss Ratings reiterated a "buy (b-)" rating on shares of Silicon Motion Technology in a report on Friday, March 27th. Zacks Research cut Silicon Motion Technology from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Finally, Craig Hallum reiterated a "buy" rating and issued a $160.00 price objective on shares of Silicon Motion Technology in a report on Thursday, February 5th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $132.50.

Silicon Motion Technology Stock Performance

SIMO opened at $153.46 on Friday. Silicon Motion Technology has a one year low of $43.57 and a one year high of $153.79. The stock has a market capitalization of $5.22 billion, a PE ratio of 42.16, a P/E/G ratio of 0.96 and a beta of 1.09. The business's 50 day moving average price is $126.66 and its 200 day moving average price is $109.32.

Institutional Trading of Silicon Motion Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. purchased a new stake in Silicon Motion Technology in the third quarter valued at approximately $26,000. WealthCollab LLC raised its position in Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer's stock valued at $32,000 after purchasing an additional 151 shares during the period. Arax Advisory Partners raised its position in Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer's stock valued at $41,000 after purchasing an additional 307 shares during the period. EverSource Wealth Advisors LLC raised its position in Silicon Motion Technology by 169.4% in the second 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 purchased a new stake in Silicon Motion Technology in the fourth quarter valued at approximately $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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