Silicon Motion Technology’s (SIMO) Outperform Rating Reiterated at Wedbush

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $90.00 price objective on the semiconductor producer’s stock. Wedbush’s target price indicates a potential upside of 51.18% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. B. Riley lowered their price target on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Morgan Stanley decreased their price objective on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Bank of America downgraded shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $90.00 to $60.00 in a research note on Friday, August 16th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Finally, Needham & Company LLC increased their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 8th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Silicon Motion Technology presently has an average rating of “Moderate Buy” and a consensus target price of $85.56.

Silicon Motion Technology Stock Down 0.1 %

NASDAQ:SIMO traded down $0.04 during trading hours on Wednesday, hitting $59.53. 38,044 shares of the company’s stock traded hands, compared to its average volume of 395,267. The firm has a market cap of $2.00 billion, a P/E ratio of 33.89, a P/E/G ratio of 0.97 and a beta of 0.84. The business’s fifty day simple moving average is $61.48 and its two-hundred day simple moving average is $72.34. Silicon Motion Technology has a 52 week low of $50.43 and a 52 week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. The company had revenue of $210.67 million for the quarter, compared to analysts’ expectations of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. Silicon Motion Technology’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.33 earnings per share. On average, analysts expect that Silicon Motion Technology will post 2.8 EPS for the current year.

Institutional Trading of Silicon Motion Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC lifted its holdings in Silicon Motion Technology by 154.9% in the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after buying an additional 333 shares during the period. Blue Trust Inc. increased its stake in shares of Silicon Motion Technology by 3,971.4% in the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock worth $44,000 after acquiring an additional 556 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Silicon Motion Technology in the second quarter worth about $139,000. LRI Investments LLC purchased a new stake in shares of Silicon Motion Technology during the first quarter valued at approximately $150,000. Finally, Barometer Capital Management Inc. bought a new stake in Silicon Motion Technology in the 4th quarter worth about $123,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.