Silicon Motion Technology (NASDAQ:SIMO) Receives Buy Rating from B. Riley

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at B. Riley in a report released on Thursday,Benzinga reports. They currently have a $90.00 target price on the semiconductor producer's stock, up from their prior target price of $75.00. B. Riley's target price indicates a potential upside of 34.17% from the stock's previous close.

Several other equities analysts have also recently weighed in on SIMO. Bank of America raised shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price target for the company in a research note on Wednesday, April 23rd. Wedbush restated an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Needham & Company LLC decreased their price objective on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Finally, Wall Street Zen lowered shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $77.75.

Silicon Motion Technology Trading Up 0.9%

Silicon Motion Technology stock traded up $0.60 during mid-day trading on Thursday, hitting $67.08. The stock had a trading volume of 398,786 shares, compared to its average volume of 389,232. The stock has a market capitalization of $2.28 billion, a PE ratio of 24.94, a P/E/G ratio of 1.36 and a beta of 0.80. Silicon Motion Technology has a 12 month low of $37.21 and a 12 month high of $85.87. The stock has a 50-day simple moving average of $52.01 and a two-hundred day simple moving average of $53.66.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.16. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The business had revenue of $166.49 million for the quarter, compared to analyst estimates of $162.69 million. During the same period last year, the company earned $0.64 EPS. The firm's revenue was down 12.1% on a year-over-year basis. Sell-side analysts expect that Silicon Motion Technology will post 3.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

A number of large investors have recently made changes to their positions in the stock. Invesco Ltd. increased its position in shares of Silicon Motion Technology by 61.3% during the 1st quarter. Invesco Ltd. now owns 1,675,648 shares of the semiconductor producer's stock valued at $84,721,000 after purchasing an additional 636,869 shares during the last quarter. SG Capital Management LLC purchased a new position in Silicon Motion Technology during the 4th quarter valued at $15,006,000. Pertento Partners LLP raised its stake in Silicon Motion Technology by 31.2% in the fourth quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock worth $63,072,000 after buying an additional 277,462 shares in the last quarter. Boston Partners lifted its stake in shares of Silicon Motion Technology by 77.3% in the 1st quarter. Boston Partners now owns 552,139 shares of the semiconductor producer's stock valued at $27,900,000 after purchasing an additional 240,737 shares during the period. Finally, Reinhart Partners LLC. lifted its position in Silicon Motion Technology by 20.1% during the first quarter. Reinhart Partners LLC. now owns 1,364,291 shares of the semiconductor producer's stock valued at $68,979,000 after buying an additional 228,553 shares during the period. 78.02% of the stock is owned by institutional investors.

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.