StockNews.com Downgrades Silicon Motion Technology (NASDAQ:SIMO) to Hold

Silicon Motion Technology (NASDAQ:SIMO) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.

A number of other research firms have also recently weighed in on SIMO. Susquehanna cut their price target on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research note on Friday, November 1st. Craig Hallum cut their target price on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Roth Mkm decreased their target price on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, October 8th. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Monday, December 23rd. Finally, Needham & Company LLC reduced their price objective on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Stock Performance

SIMO stock opened at $51.26 on Tuesday. The company’s 50 day moving average price is $54.60 and its 200 day moving average price is $58.51. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 19.42, a PEG ratio of 1.29 and a beta of 0.80. Silicon Motion Technology has a fifty-two week low of $48.81 and a fifty-two week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly 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 analysts’ expectations of $209.49 million. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The firm’s revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.32 EPS. Equities analysts forecast that Silicon Motion Technology will post 2.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SIMO. SG Americas Securities LLC increased its holdings in shares of Silicon Motion Technology by 0.6% in the third quarter. SG Americas Securities LLC now owns 33,917 shares of the semiconductor producer’s stock valued at $2,060,000 after purchasing an additional 197 shares during the period. Advisors Asset Management Inc. grew its position in Silicon Motion Technology by 129.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock valued at $27,000 after buying an additional 251 shares during the last quarter. Geode Capital Management LLC increased its stake in Silicon Motion Technology by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer’s stock valued at $2,183,000 after buying an additional 253 shares during the period. Sei Investments Co. raised its position in Silicon Motion Technology by 0.5% during the 2nd quarter. Sei Investments Co. now owns 56,296 shares of the semiconductor producer’s stock worth $4,559,000 after buying an additional 257 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Silicon Motion Technology by 123.2% in the 4th quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock worth $47,000 after acquiring an additional 484 shares during the period. 78.02% of the stock is owned by hedge funds and other institutional investors.

About Silicon Motion Technology

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.