Silicon Motion Technology (NASDAQ:SIMO) Stock Rating Upgraded by Bank of America

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) was upgraded by stock analysts at Bank of America from a "neutral" rating to a "buy" rating in a research report issued to clients and investors on Wednesday. The firm currently has a $90.00 target price on the semiconductor producer's stock. Bank of America's price target would suggest a potential upside of 26.17% from the stock's previous close.

A number of other analysts have also weighed in on the stock. B. Riley reaffirmed a "buy" rating and issued a $90.00 price objective (up from $75.00) on shares of Silicon Motion Technology in a research note on Thursday, June 5th. Roth Capital increased their target price on Silicon Motion Technology from $70.00 to $90.00 and gave the company a "buy" rating in a report on Tuesday. Needham & Company LLC reduced their target price on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Finally, Wedbush reissued an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.89.

Silicon Motion Technology Price Performance

NASDAQ SIMO traded up $2.92 during trading hours on Wednesday, hitting $71.33. The company's stock had a trading volume of 30,445 shares, compared to its average volume of 382,859. The company has a market cap of $2.42 billion, a P/E ratio of 25.49, a price-to-earnings-growth ratio of 1.69 and a beta of 0.80. The company's 50 day simple moving average is $55.51 and its two-hundred day simple moving average is $54.34. Silicon Motion Technology has a 12 month low of $37.21 and a 12 month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.16. Silicon Motion Technology had a net margin of 12.06% and a return on equity of 12.00%. The company had revenue of $166.49 million for the quarter, compared to analysts' expectations of $162.69 million. During the same quarter in the previous year, the company earned $0.64 EPS. Silicon Motion Technology's revenue for the quarter was down 12.1% on a year-over-year basis. As a group, research analysts predict that Silicon Motion Technology will post 3.08 earnings per share for the current fiscal year.

Institutional Trading of Silicon Motion Technology

Several large investors have recently modified their holdings of SIMO. Rhumbline Advisers boosted its position in Silicon Motion Technology by 8.7% during the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock worth $306,000 after purchasing an additional 453 shares during the period. Sei Investments Co. increased its holdings in shares of Silicon Motion Technology by 7.1% in the 4th quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer's stock valued at $3,179,000 after acquiring an additional 3,875 shares during the last quarter. Pertento Partners LLP increased its holdings in shares of Silicon Motion Technology by 31.2% in the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock valued at $63,072,000 after acquiring an additional 277,462 shares during the last quarter. First Trust Advisors LP raised its position in shares of Silicon Motion Technology by 62.6% during the 4th 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. Finally, Heartland Advisors Inc. lifted its stake in Silicon Motion Technology by 21.6% during the fourth quarter. Heartland Advisors Inc. now owns 447,138 shares of the semiconductor producer's stock worth $24,168,000 after purchasing an additional 79,383 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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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