Silicon Motion Technology Co. (NASDAQ:SIMO) Receives $86.11 Average Target Price from Brokerages

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) have been assigned a consensus rating of “Moderate Buy” from the nine research firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and eight have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $86.11.

A number of equities analysts have recently weighed in on the company. Roth Mkm dropped their price objective 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. Morgan Stanley dropped their price target on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Bank of America cut shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $90.00 to $60.00 in a research report on Friday, August 16th. B. Riley dropped their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, Needham & Company LLC raised their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research note on Monday, July 8th.

Institutional Investors Weigh In On Silicon Motion Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC grew its position in Silicon Motion Technology by 0.6% in the 3rd quarter. SG Americas Securities LLC now owns 33,917 shares of the semiconductor producer’s stock valued at $2,060,000 after acquiring an additional 197 shares during the last quarter. Inspire Advisors LLC lifted its holdings in Silicon Motion Technology by 1.9% during the 2nd quarter. Inspire Advisors LLC now owns 13,074 shares of the semiconductor producer’s stock valued at $1,059,000 after buying an additional 249 shares in the last quarter. Sei Investments Co. boosted its position in Silicon Motion Technology by 0.5% in the 2nd quarter. Sei Investments Co. now owns 56,296 shares of the semiconductor producer’s stock valued at $4,559,000 after buying an additional 257 shares during the period. Naples Global Advisors LLC grew its stake in Silicon Motion Technology by 3.1% in the 2nd quarter. Naples Global Advisors LLC now owns 17,410 shares of the semiconductor producer’s stock worth $1,410,000 after acquiring an additional 525 shares in the last quarter. Finally, 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 worth $44,000 after acquiring an additional 556 shares during the period. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Trading Down 0.3 %

Silicon Motion Technology stock opened at $56.06 on Monday. Silicon Motion Technology has a 12-month low of $51.85 and a 12-month high of $85.87. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 23.96, a P/E/G ratio of 0.90 and a beta of 0.83. The firm has a 50 day moving average of $59.31 and a 200 day moving average of $69.96.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The firm had revenue of $210.67 million for the quarter, compared to the consensus estimate of $206.75 million. During the same period last year, the firm earned $0.33 EPS. The company’s revenue was up 50.1% on a year-over-year basis. On average, analysts predict that Silicon Motion Technology will post 2.86 EPS for the current year.

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.