B. Riley Financial Issues Pessimistic Forecast for Silicon Motion Technology (NASDAQ:SIMO) Stock Price

Silicon Motion Technology (NASDAQ:SIMO) had its price target cut by B. Riley Financial from $350.00 to $288.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor producer’s stock. B. Riley Financial‘s price target would suggest a potential upside of 53.22% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Wall Street Zen lowered Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Zacks Research downgraded Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Susquehanna upped their price objective on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a research note on Friday, July 31st. Roth Capital reiterated a “buy” rating and issued a $350.00 target price on shares of Silicon Motion Technology in a report on Thursday, July 30th. Finally, Craig Hallum reissued a “buy” rating and issued a $325.00 target price on shares of Silicon Motion Technology in a research report on Friday, July 31st. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $332.57.

Silicon Motion Technology Stock Down 15.4%

Shares of NASDAQ SIMO opened at $187.96 on Friday. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of 26.06, a PEG ratio of 0.39 and a beta of 1.69. The stock’s fifty day simple moving average is $254.94 and its 200 day simple moving average is $251.71. Silicon Motion Technology has a 52-week low of $79.76 and a 52-week high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%. The company had revenue of $451.00 million for the quarter, compared to analyst estimates of $403.41 million. During the same period in the previous year, the firm earned $0.69 earnings per share. Silicon Motion Technology’s revenue for the quarter was up 127.0% compared to the same quarter last year. As a group, analysts anticipate that Silicon Motion Technology will post 10.60 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SIMO. Cooper Investors PTY Ltd. acquired a new position in Silicon Motion Technology during the second quarter valued at $34,000. Reyes Financial Architecture Inc. purchased a new stake in Silicon Motion Technology in the 3rd quarter worth about $58,000. Strategic Investment Solutions Inc. IL acquired a new stake in Silicon Motion Technology during the 2nd quarter worth about $88,000. IFP Advisors Inc acquired a new stake in Silicon Motion Technology during the 2nd quarter worth about $162,000. Finally, Stronghold Wealth Management L.L.C. boosted its position in Silicon Motion Technology by 17.8% during the 3rd quarter. Stronghold Wealth Management L.L.C. now owns 740 shares of the semiconductor producer’s stock worth $207,000 after acquiring an additional 112 shares during the period. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company that designs, develops and markets NAND flash storage controllers. Its products manage the storage, performance, reliability and power consumption of data stored in NAND flash memory and are used in a range of consumer, mobile, computing and industrial applications.

The company’s product portfolio includes controllers for solid-state drives (SSDs), embedded storage products such as eMMC and UFS devices, and other flash-based storage solutions.