Silicon Motion Technology (NASDAQ:SIMO) PT Raised to $96.00

Silicon Motion Technology (NASDAQ:SIMO) had its target price increased by analysts at Craig Hallum from $80.00 to $96.00 in a research report issued to clients and investors on Monday, MarketBeat.com reports. The brokerage currently has a “buy” rating on the semiconductor producer’s stock. Craig Hallum’s price objective points to a potential upside of 21.15% from the stock’s current price.

A number of other research analysts have also recently weighed in on SIMO. Needham & Company LLC boosted their price objective on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. increased their price objective on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, February 8th. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. B. Riley increased their price target on Silicon Motion Technology from $93.00 to $101.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Finally, Morgan Stanley upgraded Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $59.00 to $88.00 in a report on Monday. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $91.13.

Silicon Motion Technology Trading Up 0.8 %

SIMO opened at $79.24 on Monday. Silicon Motion Technology has a 12 month low of $49.50 and a 12 month high of $95.33. The stock has a 50-day moving average of $75.00 and a 200 day moving average of $66.12. The firm has a market cap of $2.67 billion, a P/E ratio of 45.02, a P/E/G ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.12. The firm 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%. On average, research analysts forecast that Silicon Motion Technology will post 2.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

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

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.