Silicon Motion Technology (NASDAQ:SIMO) Rating Increased to Buy at StockNews.com

Silicon Motion Technology (NASDAQ:SIMO) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

SIMO has been the subject of several other research reports. Needham & Company LLC decreased their price target on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Wedbush reaffirmed an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Susquehanna lowered their price target on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a report on Friday, November 1st. Craig Hallum reduced their price objective on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Finally, Morgan Stanley lowered their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO opened at $55.18 on Thursday. The business has a 50 day simple moving average of $55.57 and a 200 day simple moving average of $64.37. Silicon Motion Technology has a 52 week low of $50.50 and a 52 week high of $85.87. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 20.90, a PEG ratio of 1.61 and a beta of 0.82.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. increased its stake in Silicon Motion Technology by 129.4% during the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock valued at $27,000 after acquiring an additional 251 shares during the period. Blue Trust Inc. increased its position in shares of Silicon Motion Technology by 3,971.4% during the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 556 shares during the period. Headlands Technologies LLC acquired a new position in shares of Silicon Motion Technology in the second quarter valued at $139,000. Van ECK Associates Corp acquired a new position in shares of Silicon Motion Technology in the third quarter valued at $151,000. Finally, XTX Topco Ltd bought a new position in Silicon Motion Technology in the second quarter worth $220,000. Institutional investors and hedge funds 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.