Wedbush Reiterates “Outperform” Rating for Silicon Motion Technology (NASDAQ:SIMO)

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a report released on Friday, Benzinga reports. They presently have a $85.00 price target on the semiconductor producer’s stock. Wedbush’s target price indicates a potential upside of 14.93% from the stock’s current price.

Several other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. Needham & Company LLC boosted their price target on Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. B. Riley raised their price objective on Silicon Motion Technology from $93.00 to $101.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Finally, Craig Hallum lifted their price objective on Silicon Motion Technology from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $87.57.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $73.96 on Friday. Silicon Motion Technology has a one year low of $49.50 and a one year high of $95.33. The stock has a fifty day moving average of $74.63 and a 200 day moving average of $65.71. The stock has a market cap of $2.44 billion, a PE ratio of 42.02, a price-to-earnings-growth ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.51 by $0.12. The firm had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. As a group, sell-side analysts predict that Silicon Motion Technology will post 2.65 EPS for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Reinhart Partners LLC. purchased a new stake in shares of Silicon Motion Technology during the 3rd quarter valued at about $22,065,000. Inspire Advisors LLC bought a new stake in shares of Silicon Motion Technology in the 3rd quarter valued at approximately $646,000. Skylands Capital LLC lifted its stake in shares of Silicon Motion Technology by 46.7% in the 3rd quarter. Skylands Capital LLC now owns 35,200 shares of the semiconductor producer’s stock valued at $1,804,000 after purchasing an additional 11,200 shares during the last quarter. Assetmark Inc. bought a new position in shares of Silicon Motion Technology during the 3rd quarter valued at approximately $51,000. Finally, Signaturefd LLC raised its holdings in Silicon Motion Technology by 183.5% during 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 period. 78.02% of the stock is owned by 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.