B. Riley Boosts Silicon Motion Technology (NASDAQ:SIMO) Price Target to $105.00

Silicon Motion Technology (NASDAQ:SIMO) had its price target raised by B. Riley from $101.00 to $105.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the semiconductor producer’s stock.

SIMO has been the subject of a number of other research reports. JPMorgan Chase & Co. boosted their price objective on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an overweight rating in a research report on Thursday, February 8th. Susquehanna boosted their price target on Silicon Motion Technology from $100.00 to $110.00 and gave the company a positive rating in a report on Monday. Needham & Company LLC reissued a buy rating and set a $85.00 price target on shares of Silicon Motion Technology in a research note on Monday. Wedbush reaffirmed an outperform rating and issued a $85.00 price objective on shares of Silicon Motion Technology in a research report on Friday, May 3rd. Finally, Craig Hallum increased their target price on Silicon Motion Technology from $80.00 to $96.00 and gave the stock a buy rating in a research report on Monday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of Buy and an average target price of $91.13.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock opened at $78.72 on Monday. Silicon Motion Technology has a 1 year low of $49.50 and a 1 year high of $95.33. The business has a 50 day moving average price of $75.17 and a 200 day moving average price of $66.21. The company has a market capitalization of $2.65 billion, a P/E ratio of 44.73, a P/E/G ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.12. The business had revenue of $202.38 million for the quarter, compared to the consensus estimate of $197.60 million. Silicon Motion Technology had a return on equity of 7.77% and a net margin of 8.34%. As a group, research analysts expect that Silicon Motion Technology will post 2.65 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $2.00 annualized dividend and a yield of 2.54%. Silicon Motion Technology’s dividend payout ratio is currently 113.07%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its position in Silicon Motion Technology by 154.9% in the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after acquiring an additional 333 shares in the last quarter. Signaturefd LLC boosted its position in Silicon Motion Technology by 183.5% in the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after buying an additional 444 shares during the last quarter. Assetmark Inc. acquired a new stake in shares of Silicon Motion Technology during the third quarter valued at about $51,000. CVA Family Office LLC purchased a new stake in shares of Silicon Motion Technology during the fourth quarter worth about $65,000. Finally, Covestor Ltd lifted its stake in shares of Silicon Motion Technology by 76.9% in the third quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock worth $92,000 after acquiring an additional 777 shares in the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

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.