Roth Capital Raises Silicon Motion Technology (NASDAQ:SIMO) Price Target to $90.00

Silicon Motion Technology (NASDAQ:SIMO) had its price target upped by stock analysts at Roth Capital from $70.00 to $90.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor producer’s stock. Roth Capital’s price objective would indicate a potential upside of 30.55% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Wedbush reiterated an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. Needham & Company LLC dropped their price target on shares of Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. Bank of America upgraded shares of Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price objective for the company in a research report on Wednesday, April 23rd. Finally, B. Riley reaffirmed a “buy” rating and issued a $90.00 target price (up from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.11.

Silicon Motion Technology Stock Performance

Shares of SIMO traded down $0.86 during trading hours on Tuesday, hitting $68.94. 153,172 shares of the stock were exchanged, compared to its average volume of 384,385. The stock’s 50-day moving average price is $54.99 and its two-hundred day moving average price is $54.25. Silicon Motion Technology has a 12-month low of $37.21 and a 12-month high of $85.87. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 25.64, a price-to-earnings-growth ratio of 1.36 and a beta of 0.80.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.16. The company had revenue of $166.49 million during the quarter, compared to analysts’ expectations of $162.69 million. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.64 EPS. On average, research analysts expect that Silicon Motion Technology will post 3.08 earnings per share for the current 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 SIMO. Van ECK Associates Corp boosted its stake in shares of Silicon Motion Technology by 204.6% during the 4th quarter. Van ECK Associates Corp now owns 8,271 shares of the semiconductor producer’s stock valued at $447,000 after buying an additional 5,556 shares during the period. Rhumbline Advisers grew its stake in Silicon Motion Technology by 8.7% in the fourth quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer’s stock valued at $306,000 after purchasing an additional 453 shares in the last quarter. TradeLink Capital LLC acquired a new position in Silicon Motion Technology in the 4th quarter worth about $228,000. Inspire Advisors LLC raised its stake in shares of Silicon Motion Technology by 3.7% during the 4th quarter. Inspire Advisors LLC now owns 13,026 shares of the semiconductor producer’s stock worth $704,000 after purchasing an additional 467 shares in the last quarter. Finally, Boston Partners lifted its holdings in shares of Silicon Motion Technology by 47.3% during the 4th quarter. Boston Partners now owns 311,402 shares of the semiconductor producer’s stock valued at $16,831,000 after buying an additional 100,033 shares during the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

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.