Silicon Motion Technology (NASDAQ:SIMO - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at B. Riley in a research note issued on Thursday,Benzinga reports. They currently have a $90.00 price objective on the semiconductor producer's stock, up from their previous price objective of $75.00. B. Riley's price target would indicate a potential upside of 33.87% from the stock's current price.
Several other brokerages have also 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 target price for the company in a research note on Wednesday, April 23rd. Wall Street Zen lowered shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a research note on Thursday, February 13th. Wedbush reaffirmed an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Finally, Needham & Company LLC lowered their target price 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. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $77.75.
Read Our Latest Stock Analysis on Silicon Motion Technology
Silicon Motion Technology Trading Up 1.1%
SIMO traded up $0.75 on Thursday, hitting $67.23. 12,037 shares of the company's stock were exchanged, compared to its average volume of 388,677. Silicon Motion Technology has a fifty-two week low of $37.21 and a fifty-two week high of $85.87. The firm has a 50-day moving average price of $51.69 and a 200-day moving average price of $53.57. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of 24.82, a P/E/G ratio of 1.36 and a beta of 0.80.
Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings data 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 net margin of 11.29% and a return on equity of 11.63%. The firm had revenue of $166.49 million during the quarter, compared to analysts' expectations of $162.69 million. During the same period last year, the business earned $0.64 earnings per share. Silicon Motion Technology's revenue was down 12.1% compared to the same quarter last year. On average, equities analysts predict that Silicon Motion Technology will post 3.08 EPS for the current year.
Institutional Trading of Silicon Motion Technology
Several hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in Silicon Motion Technology by 64.7% during the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer's stock worth $122,000 after purchasing an additional 883 shares in the last quarter. Choreo LLC acquired a new stake in Silicon Motion Technology during the fourth quarter worth approximately $209,000. Van ECK Associates Corp raised its holdings in Silicon Motion Technology by 204.6% during the fourth quarter. Van ECK Associates Corp now owns 8,271 shares of the semiconductor producer's stock worth $447,000 after purchasing an additional 5,556 shares in the last quarter. Rhumbline Advisers raised its holdings in Silicon Motion Technology by 8.7% during the fourth quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock worth $306,000 after purchasing an additional 453 shares in the last quarter. Finally, TradeLink Capital LLC acquired a new stake in Silicon Motion Technology during the fourth quarter worth approximately $228,000. Institutional investors and hedge funds own 78.02% of the company's stock.
About Silicon Motion Technology
(
Get Free Report)
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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