Silicon Motion Technology (NASDAQ:SIMO) Price Target Raised to $75.00

Silicon Motion Technology (NASDAQ:SIMO) had its price target increased by B. Riley from $70.00 to $75.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a buy rating on the semiconductor producer’s stock.

SIMO has been the topic of a number of other research reports. Bank of America raised shares of Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price objective on the stock in a report on Wednesday, April 23rd. StockNews.com downgraded Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Wedbush reiterated an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday. Finally, Needham & Company LLC dropped their target price on Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $75.88.

Silicon Motion Technology Stock Up 6.3 %

NASDAQ:SIMO opened at $53.51 on Thursday. The firm has a market cap of $1.80 billion, a PE ratio of 19.89, a price-to-earnings-growth ratio of 1.36 and a beta of 0.81. The company’s 50-day moving average price is $48.31 and its two-hundred day moving average price is $52.54. Silicon Motion Technology has a 12 month low of $37.21 and a 12 month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.16. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The business had revenue of $166.49 million for the quarter, compared to analyst estimates of $162.69 million. During the same period in the prior year, the company earned $0.64 EPS. Silicon Motion Technology’s revenue for the quarter was down 12.1% on a year-over-year basis. On average, research analysts expect that Silicon Motion Technology will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology declared that its Board of Directors has initiated a share buyback program on Wednesday, February 5th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the semiconductor producer to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Silicon Motion Technology

A number of institutional investors and hedge funds have recently modified their holdings of SIMO. GAMMA Investing LLC grew its holdings in Silicon Motion Technology by 123.2% during the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock valued at $47,000 after purchasing an additional 484 shares during the period. Parallel Advisors LLC raised its stake in Silicon Motion Technology by 61.8% during the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer’s stock worth $58,000 after buying an additional 440 shares during the period. Signaturefd LLC raised its stake in Silicon Motion Technology by 79.3% during the 1st quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer’s stock worth $84,000 after buying an additional 736 shares during the period. Menard Financial Group LLC acquired a new position in Silicon Motion Technology in the fourth quarter valued at about $88,000. Finally, Blue Trust Inc. grew its stake in Silicon Motion Technology by 64.7% in the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock valued at $122,000 after acquiring an additional 883 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.