Silicon Motion Technology Corp. (NASDAQ:SIMO) Expected to Announce Quarterly Sales of $142.75 Million

Wall Street analysts expect Silicon Motion Technology Corp. (NASDAQ:SIMO) to report $142.75 million in sales for the current quarter, according to Zacks. Four analysts have made estimates for Silicon Motion Technology’s earnings, with the lowest sales estimate coming in at $135.28 million and the highest estimate coming in at $151.50 million. Silicon Motion Technology posted sales of $123.39 million in the same quarter last year, which would indicate a positive year over year growth rate of 15.7%. The business is expected to announce its next earnings report after the market closes on Thursday, February 6th.

According to Zacks, analysts expect that Silicon Motion Technology will report full year sales of $443.37 million for the current fiscal year, with estimates ranging from $432.50 million to $454.00 million. For the next year, analysts anticipate that the firm will report sales of $541.64 million, with estimates ranging from $514.66 million to $593.80 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Silicon Motion Technology.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor producer reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.31. The company had revenue of $110.50 million for the quarter, compared to analyst estimates of $112.08 million. Silicon Motion Technology had a return on equity of 13.22% and a net margin of 13.16%. The firm’s quarterly revenue was down 20.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 earnings per share.

A number of equities analysts recently commented on the company. Needham & Company LLC lifted their price objective on Silicon Motion Technology from $44.00 to $55.00 in a research note on Wednesday, October 30th. B. Riley lifted their price objective on Silicon Motion Technology from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, January 7th. BidaskClub raised Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 13th. Roth Capital lifted their price objective on Silicon Motion Technology from to and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Craig Hallum lifted their price objective on Silicon Motion Technology from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $51.10.

A number of institutional investors and hedge funds have recently modified their holdings of SIMO. Patriot Financial Group Insurance Agency LLC acquired a new position in Silicon Motion Technology in the third quarter valued at approximately $36,000. Oppenheimer Asset Management Inc. lifted its stake in Silicon Motion Technology by 12.7% in the third quarter. Oppenheimer Asset Management Inc. now owns 2,590 shares of the semiconductor producer’s stock valued at $92,000 after buying an additional 292 shares during the period. Tower Research Capital LLC TRC acquired a new position in Silicon Motion Technology in the third quarter valued at approximately $98,000. Jane Street Group LLC acquired a new position in Silicon Motion Technology in the second quarter valued at approximately $230,000. Finally, Yorktown Management & Research Co Inc acquired a new position in Silicon Motion Technology in the third quarter valued at approximately $262,000. 69.89% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Silicon Motion Technology stock traded up $0.88 during midday trading on Monday, reaching $50.67. The company had a trading volume of 5,483 shares, compared to its average volume of 194,274. The stock has a fifty day moving average price of $48.52 and a 200 day moving average price of $40.58. The firm has a market cap of $1.87 billion, a PE ratio of 14.78, a P/E/G ratio of 2.75 and a beta of 1.14. Silicon Motion Technology has a fifty-two week low of $30.86 and a fifty-two week high of $53.04.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.

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