Silicon Motion Technology (NASDAQ:SIMO) Stock Rating Lowered by StockNews.com

Silicon Motion Technology (NASDAQ:SIMO) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

Several other equities research analysts also recently issued reports on SIMO. Roth Mkm lowered their price objective on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, October 8th. Bank of America downgraded shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $90.00 to $60.00 in a report on Friday, August 16th. Susquehanna reduced their target price on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a research note on Friday, November 1st. Needham & Company LLC lowered their price target on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, Craig Hallum reduced their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock opened at $56.12 on Wednesday. Silicon Motion Technology has a fifty-two week low of $50.50 and a fifty-two week high of $85.87. The firm has a fifty day moving average price of $55.78 and a two-hundred day moving average price of $65.05. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 21.26, a P/E/G ratio of 1.55 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.07. The business had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The firm’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 EPS. As a group, sell-side analysts expect that Silicon Motion Technology will post 2.59 earnings per share for the current year.

Institutional Trading of Silicon Motion Technology

Hedge funds have recently modified their holdings of the stock. 272 Capital LP raised its position in shares of Silicon Motion Technology by 55.3% during the third quarter. 272 Capital LP now owns 101,391 shares of the semiconductor producer’s stock worth $6,158,000 after acquiring an additional 36,092 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new stake in shares of Silicon Motion Technology during the 3rd quarter worth approximately $13,211,000. Geode Capital Management LLC raised its stake in shares of Silicon Motion Technology by 0.7% during the third quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer’s stock worth $2,183,000 after buying an additional 253 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Silicon Motion Technology during the third quarter worth approximately $5,904,000. Finally, Y Intercept Hong Kong Ltd boosted its stake in Silicon Motion Technology by 23.3% in the third quarter. Y Intercept Hong Kong Ltd now owns 10,378 shares of the semiconductor producer’s stock valued at $630,000 after acquiring an additional 1,960 shares during the last quarter. 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.