Bank of America upgraded shares of Silicon Motion Technology (NASDAQ:SIMO - Free Report) from a neutral rating to a buy rating in a research report sent to investors on Wednesday, MarketBeat Ratings reports. Bank of America currently has $90.00 target price on the semiconductor producer's stock.
A number of other research firms have also commented on SIMO. Needham & Company LLC decreased their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Roth Capital raised their price objective on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the stock a "buy" rating in a research note on Tuesday. Wedbush reiterated an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Finally, B. Riley reiterated a "buy" rating and issued a $90.00 target price (up previously from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $83.89.
Get Our Latest Research Report on SIMO
Silicon Motion Technology Stock Down 2.1%
NASDAQ:SIMO traded down $1.53 during trading hours on Wednesday, reaching $69.96. 290,864 shares of the company's stock were exchanged, compared to its average volume of 383,630. The company has a market capitalization of $2.38 billion, a P/E ratio of 25.08, a price-to-earnings-growth ratio of 1.72 and a beta of 0.80. Silicon Motion Technology has a 12 month low of $37.21 and a 12 month high of $85.00. The business's 50-day simple moving average is $56.73 and its two-hundred day simple moving average is $54.58.
Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.16. The firm had revenue of $166.49 million during the quarter, compared to analysts' expectations of $162.69 million. Silicon Motion Technology had a net margin of 12.06% and a return on equity of 12.00%. The firm's revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period last year, the firm posted $0.64 earnings per share. As a group, sell-side analysts anticipate that Silicon Motion Technology will post 3.08 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of SIMO. Van ECK Associates Corp raised its holdings in shares of Silicon Motion Technology by 204.6% during the 4th quarter. Van ECK Associates Corp now owns 8,271 shares of the semiconductor producer's stock valued at $447,000 after purchasing an additional 5,556 shares in the last quarter. Rhumbline Advisers lifted 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 acquiring an additional 453 shares during the last quarter. TradeLink Capital LLC bought a new stake in Silicon Motion Technology during the fourth quarter valued at about $228,000. Inspire Advisors LLC grew its position in shares of Silicon Motion Technology by 3.7% in the fourth quarter. Inspire Advisors LLC now owns 13,026 shares of the semiconductor producer's stock valued at $704,000 after purchasing an additional 467 shares during the last quarter. Finally, Boston Partners grew its position in shares of Silicon Motion Technology by 47.3% in the fourth quarter. Boston Partners now owns 311,402 shares of the semiconductor producer's stock valued at $16,831,000 after purchasing an additional 100,033 shares during the last quarter. Institutional investors own 78.02% of the company's stock.
About Silicon Motion Technology
(
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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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