Susquehanna Forecasts Strong Price Appreciation for Silicon Motion Technology (NASDAQ:SIMO) Stock

Silicon Motion Technology (NASDAQ:SIMO - Free Report) had its target price lifted by Susquehanna from $80.00 to $90.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a positive rating on the semiconductor producer's stock.

Several other equities analysts also recently commented on SIMO. B. Riley reiterated a "buy" rating and set a $90.00 price target (up from $75.00) on shares of Silicon Motion Technology in a report on Thursday, June 5th. Wedbush reiterated an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Needham & Company LLC cut their price target on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Bank of America upgraded shares of Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 price target on the stock in a report on Wednesday, June 18th. Finally, Citigroup upgraded shares of Silicon Motion Technology to a "buy" rating in a report on Wednesday, June 18th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Silicon Motion Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.33.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO traded down $1.04 during mid-day trading on Wednesday, hitting $72.80. 216,405 shares of the company's stock traded hands, compared to its average volume of 287,374. The company's 50-day moving average is $69.67 and its two-hundred day moving average is $57.64. The company has a market capitalization of $2.47 billion, a P/E ratio of 26.09, a PEG ratio of 11.94 and a beta of 0.85. Silicon Motion Technology has a 1 year low of $37.21 and a 1 year high of $76.77.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.16. The firm had revenue of $166.49 million for 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 business's revenue was down 12.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 EPS. Equities analysts anticipate that Silicon Motion Technology will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.75%. Silicon Motion Technology's dividend payout ratio is currently 71.33%.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds have recently modified their holdings of the business. Invesco Ltd. lifted its position in shares of Silicon Motion Technology by 61.3% in the 1st quarter. Invesco Ltd. now owns 1,675,648 shares of the semiconductor producer's stock worth $84,721,000 after purchasing an additional 636,869 shares during the period. Reinhart Partners LLC. lifted its position in shares of Silicon Motion Technology by 7.9% in the 2nd quarter. Reinhart Partners LLC. now owns 1,471,583 shares of the semiconductor producer's stock worth $110,620,000 after purchasing an additional 107,292 shares during the period. Lord Abbett & CO. LLC lifted its position in shares of Silicon Motion Technology by 20.0% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer's stock worth $71,612,000 after purchasing an additional 221,017 shares during the period. Pertento Partners LLP lifted its position 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 worth $63,072,000 after purchasing an additional 277,462 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Silicon Motion Technology by 4.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 799,118 shares of the semiconductor producer's stock worth $40,403,000 after purchasing an additional 35,699 shares during the period. Hedge funds and other institutional investors own 78.02% of the company's stock.

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.