Silicon Motion Technology (NASDAQ:SIMO) Upgraded by Wall Street Zen to Strong-Buy Rating

Key Points

• Wall Street Zen upgraded Silicon Motion (NASDAQ:SIMO) from "buy" to "strong-buy" on Saturday, and several other firms recently raised price targets or reiterated buy/outperform ratings, leaving a consensus target of $132.50 with 11 of 12 analysts rated as Buy.
• Shares opened at $126.71, the company has a market cap of $4.31 billion and a trailing P/E of 34.81 (PEG 0.86), with a 1-year range of $37.82 to $146.85 and 50-/200-day moving averages near $124.97 and $106.27 respectively.
• Institutional investors own about 78.02% of the stock, and several hedge funds and advisory firms recently added or increased small stakes in the company.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report released on Saturday.

A number of other equities analysts also recently commented on SIMO. B. Riley Financial reiterated a "buy" rating on shares of Silicon Motion Technology in a research report on Thursday, February 5th. Needham & Company LLC lifted their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday, February 5th. Wedbush lifted their price objective on Silicon Motion Technology from $130.00 to $150.00 and gave the stock an "outperform" rating in a research report on Thursday, February 5th. Roth Mkm set a $140.00 price objective on Silicon Motion Technology and gave the stock a "buy" rating in a research report on Wednesday, February 4th. Finally, Craig Hallum reiterated a "buy" rating and set a $160.00 price objective on shares of Silicon Motion Technology in a research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $132.50.

Silicon Motion Technology Price Performance

NASDAQ SIMO opened at $126.71 on Friday. The company has a market cap of $4.31 billion, a PE ratio of 34.81, a price-to-earnings-growth ratio of 0.86 and a beta of 1.09. The stock's 50 day simple moving average is $124.97 and its 200-day simple moving average is $106.27. Silicon Motion Technology has a 1-year low of $37.82 and a 1-year high of $146.85.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. purchased a new stake in Silicon Motion Technology in the third quarter valued at $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 $71,000. Institutional investors and hedge funds 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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