Silicon Motion Technology (NASDAQ:SIMO) Price Target Raised to $90.00

Silicon Motion Technology (NASDAQ:SIMO) had its price objective boosted by Roth Capital from $70.00 to $90.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Roth Capital currently has a buy rating on the semiconductor producer’s stock.

Other research analysts also recently issued research reports about the stock. Bank of America raised shares of Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 target price on the stock in a research report on Wednesday, April 23rd. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. B. Riley reaffirmed a “buy” rating and issued a $90.00 price objective (up previously from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. Finally, Needham & Company LLC cut their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Silicon Motion Technology has a consensus rating of “Moderate Buy” and a consensus target price of $83.89.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $71.49 on Tuesday. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 25.62, a price-to-earnings-growth ratio of 1.72 and a beta of 0.80. The company’s 50-day simple moving average is $56.09 and its two-hundred day simple moving average is $54.46. Silicon Motion Technology has a one year low of $37.21 and a one year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.16. The business had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a net margin of 12.06% and a return on equity of 12.00%. The company’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 EPS. Equities analysts expect that Silicon Motion Technology will post 3.08 earnings per share for the current fiscal year.

Institutional Trading of Silicon Motion Technology

Institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC boosted its stake in Silicon Motion Technology by 61.8% in the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer’s stock worth $58,000 after purchasing an additional 440 shares in the last quarter. Signaturefd LLC boosted its stake in Silicon Motion Technology by 79.3% in the 1st quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer’s stock worth $84,000 after purchasing an additional 736 shares in the last quarter. Menard Financial Group LLC acquired a new stake in Silicon Motion Technology in the 4th quarter worth approximately $88,000. LRI Investments LLC boosted its stake in Silicon Motion Technology by 519.0% in the 4th quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer’s stock worth $164,000 after purchasing an additional 2,543 shares in the last quarter. Finally, Covestor Ltd boosted its stake in Silicon Motion Technology by 161.4% in the 1st quarter. Covestor Ltd now owns 3,429 shares of the semiconductor producer’s stock worth $173,000 after purchasing an additional 2,117 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.