Silicon Motion Technology Corporation (NASDAQ:SIMO) Receives $132.50 Average Target Price from Analysts

Silicon Motion Technology Corporation (NASDAQ:SIMO) has earned an average rating of “Buy” from the twelve research firms that are currently covering the stock, MarketBeat Ratings reports. Eleven investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $132.50.

SIMO has been the topic of a number of recent research reports. Needham & Company LLC increased their price objective on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. B. Riley Financial reissued a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Wall Street Zen lowered Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 14th. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 6th. Finally, Roth Mkm set a $140.00 price target on Silicon Motion Technology and gave the company a “buy” rating in a report on Wednesday, February 4th.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. raised its holdings in Silicon Motion Technology by 25.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,068 shares of the semiconductor producer’s stock worth $563,000 after purchasing an additional 1,228 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Silicon Motion Technology by 80.0% in the 4th quarter. Pacer Advisors Inc. now owns 3,357 shares of the semiconductor producer’s stock valued at $311,000 after buying an additional 1,492 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Silicon Motion Technology in the 4th quarter worth approximately $2,953,000. Voloridge Investment Management LLC purchased a new position in shares of Silicon Motion Technology in the 4th quarter worth approximately $10,425,000. Finally, Sora Investors LLC raised its stake in shares of Silicon Motion Technology by 79.2% during the 4th quarter. Sora Investors LLC now owns 128,221 shares of the semiconductor producer’s stock worth $11,886,000 after acquiring an additional 56,687 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $116.98 on Monday. Silicon Motion Technology has a one year low of $37.21 and a one year high of $146.85. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of 32.14, a price-to-earnings-growth ratio of 0.76 and a beta of 1.09. The company’s 50-day simple moving average is $124.43 and its two-hundred day simple moving average is $104.99.

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.