Needham & Company LLC Reaffirms “Buy” Rating for Silicon Motion Technology Corporation (SIMO)

Needham & Company LLC restated their buy rating on shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) in a report issued on Monday. Needham & Company LLC currently has a $57.00 price target on the semiconductor producer’s stock, up from their previous price target of $54.00.

Other analysts have also issued reports about the stock. B. Riley reiterated a buy rating and set a $68.75 price target on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Lake Street Capital reiterated a buy rating and set a $50.00 price target (down from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Craig Hallum reiterated a buy rating and set a $60.00 price target (down from $67.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Roth Capital cut their price target on shares of Silicon Motion Technology Corporation from $60.00 to $55.00 and set a buy rating on the stock in a research note on Tuesday, August 1st. Finally, Loop Capital cut their price target on shares of Silicon Motion Technology Corporation from $61.00 to $54.00 and set a buy rating on the stock in a research note on Monday, July 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $57.23.

Silicon Motion Technology Corporation (NASDAQ SIMO) opened at 52.53 on Monday. The company has a 50-day moving average of $46.81 and a 200 day moving average of $47.08. Silicon Motion Technology Corporation has a 1-year low of $37.37 and a 1-year high of $55.68. The stock has a market cap of $1.88 billion, a P/E ratio of 17.76 and a beta of 0.70.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last issued its quarterly earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.04). The business had revenue of $132.70 million for the quarter, compared to analysts’ expectations of $132.92 million. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter last year, the company earned $0.86 earnings per share. Analysts predict that Silicon Motion Technology Corporation will post $2.69 EPS for the current year.

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Silicon Motion Technology Corporation announced that its board has authorized a share buyback program on Monday, July 31st that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the semiconductor producer to purchase up to 13.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Several hedge funds have recently added to or reduced their stakes in SIMO. US Bancorp DE increased its stake in shares of Silicon Motion Technology Corporation by 71.5% during the first quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock worth $102,000 after buying an additional 915 shares during the period. Seven Eight Capital LP purchased a new stake in shares of Silicon Motion Technology Corporation during the second quarter worth approximately $135,000. Summit Securities Group LLC purchased a new stake in shares of Silicon Motion Technology Corporation during the second quarter worth approximately $204,000. Hikari Power Ltd purchased a new stake in shares of Silicon Motion Technology Corporation during the second quarter worth approximately $204,000. Finally, Airain ltd purchased a new stake in shares of Silicon Motion Technology Corporation during the second quarter worth approximately $213,000. Hedge funds and other institutional investors own 81.02% of the company’s stock.

About Silicon Motion Technology Corporation

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

Analyst Recommendations for Silicon Motion Technology Corporation (NASDAQ:SIMO)

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