Silicon Motion Technology (NASDAQ:SIMO) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Silicon Motion Technology (NASDAQ:SIMO) from a "strong-buy" to a "hold" in a report issued Monday.
• Despite the downgrade, the analyst consensus remains positive with 11 Buy vs. 1 Hold, a consensus rating of "Moderate Buy" and an average price target of $132.50.
• SIMO opened at $117.01 with a market cap of $3.98 billion and a P/E of 32.15, and institutional investors own about 78.02% of the stock amid recent inflows from firms like Voloridge and Sora.

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

A number of other equities research analysts also recently issued reports on the company. Roth Mkm set a $140.00 price target on Silicon Motion Technology and gave the company a "buy" rating in a research report on Wednesday, February 4th. Craig Hallum reissued a "buy" rating and set a $160.00 price target on shares of Silicon Motion Technology in a research report on Thursday, February 5th. Wedbush boosted their price target on Silicon Motion Technology from $130.00 to $150.00 and gave the company an "outperform" rating in a research report on Thursday, February 5th. Needham & Company LLC boosted their price target on Silicon Motion Technology from $125.00 to $155.00 and gave the company a "buy" rating in a research report on Thursday, February 5th. Finally, B. Riley Financial reissued a "buy" rating on shares of Silicon Motion Technology in a research report on Thursday, February 5th. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $132.50.

Silicon Motion Technology Trading Up 0.4%

SIMO stock opened at $117.01 on Monday. The stock has a 50-day moving average price of $124.51 and a two-hundred day moving average price of $105.79. Silicon Motion Technology has a 12-month low of $37.21 and a 12-month high of $146.85. The company has a market cap of $3.98 billion, a PE ratio of 32.15, a price-to-earnings-growth ratio of 0.77 and a beta of 1.09.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Rockefeller Capital Management L.P. lifted its stake in shares of Silicon Motion Technology by 25.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,068 shares of the semiconductor producer's stock worth $563,000 after acquiring an additional 1,228 shares in the last quarter. Pacer Advisors Inc. lifted its stake in shares of Silicon Motion Technology by 80.0% in the fourth quarter. Pacer Advisors Inc. now owns 3,357 shares of the semiconductor producer's stock worth $311,000 after acquiring an additional 1,492 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Silicon Motion Technology in the fourth quarter worth about $2,953,000. Voloridge Investment Management LLC acquired a new position in shares of Silicon Motion Technology in the fourth quarter worth about $10,425,000. Finally, Sora Investors LLC lifted its stake in shares of Silicon Motion Technology by 79.2% in the fourth quarter. Sora Investors LLC now owns 128,221 shares of the semiconductor producer's stock worth $11,886,000 after acquiring an additional 56,687 shares in the last quarter. Institutional investors and hedge funds 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.

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