Silicon Motion Technology (NASDAQ:SIMO) Upgraded by StockNews.com to Buy Rating

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

SIMO has been the subject of several other research reports. Susquehanna reduced their price objective 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. Roth Mkm reduced their price target on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. Needham & Company LLC lowered their price objective on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research note on Monday, December 23rd. Finally, Craig Hallum decreased their target price 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 investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $54.47 on Wednesday. The firm has a market cap of $1.83 billion, a PE ratio of 20.63, a PEG ratio of 1.30 and a beta of 0.79. Silicon Motion Technology has a twelve month low of $48.81 and a twelve month high of $85.87. The firm’s 50 day moving average price is $54.48 and its 200 day moving average price is $57.65.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. 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 worth $27,000 after purchasing an additional 251 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Silicon Motion Technology by 123.2% in the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock valued at $47,000 after buying an additional 484 shares during the period. Blue Trust Inc. grew its position in Silicon Motion Technology by 139.5% during the third quarter. Blue Trust Inc. now owns 1,365 shares of the semiconductor producer’s stock worth $83,000 after buying an additional 795 shares in the last quarter. Van ECK Associates Corp bought a new position in Silicon Motion Technology during the third quarter valued at about $151,000. Finally, Choreo LLC acquired a new position in Silicon Motion Technology in the 4th quarter valued at approximately $209,000. 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.