Silicon Motion Technology (NASDAQ:SIMO) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Silicon Motion Technology Corporation (NASDAQ:SIMO) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $73.95 and traded as high as $103.33. Silicon Motion Technology shares last traded at $99.96, with a volume of 796,104 shares traded.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SIMO. Needham & Company LLC raised their price objective on shares of Silicon Motion Technology from $65.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Silicon Motion Technology in a research note on Wednesday, October 8th. Wedbush reaffirmed an “outperform” rating and set a $115.00 target price (up from $100.00) on shares of Silicon Motion Technology in a research report on Thursday. Zacks Research raised shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 24th. Finally, B. Riley raised their target price on shares of Silicon Motion Technology from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $100.00.

Silicon Motion Technology Price Performance

The company has a market capitalization of $3.40 billion, a PE ratio of 42.18, a price-to-earnings-growth ratio of 1.75 and a beta of 1.03. The company’s fifty day moving average is $90.25 and its 200-day moving average is $73.95.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Wednesday, July 30th. The semiconductor producer reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.15. The company had revenue of $198.68 million for the quarter, compared to analyst estimates of $180.40 million. Silicon Motion Technology had a net margin of 10.36% and a return on equity of 10.14%. Silicon Motion Technology’s revenue was down 5.7% compared to the same quarter last year. During the same period last year, the company posted $0.96 earnings per share. Equities research analysts forecast that Silicon Motion Technology Corporation will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, August 6th. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 83.97%.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors have recently bought and sold shares of SIMO. Envestnet Asset Management Inc. increased its holdings in Silicon Motion Technology by 77.6% during the first quarter. Envestnet Asset Management Inc. now owns 93,821 shares of the semiconductor producer’s stock valued at $4,744,000 after buying an additional 40,981 shares during the period. Cerity Partners LLC increased its holdings in Silicon Motion Technology by 35.9% during the first quarter. Cerity Partners LLC now owns 31,413 shares of the semiconductor producer’s stock valued at $1,588,000 after buying an additional 8,298 shares during the period. Signaturefd LLC boosted its stake in Silicon Motion Technology by 79.3% in the first quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer’s stock valued at $84,000 after acquiring an additional 736 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Silicon Motion Technology by 8.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 757,506 shares of the semiconductor producer’s stock valued at $38,300,000 after acquiring an additional 61,213 shares in the last quarter. Finally, Easterly Investment Partners LLC boosted its stake in Silicon Motion Technology by 1.8% in the first quarter. Easterly Investment Partners LLC now owns 208,556 shares of the semiconductor producer’s stock valued at $10,545,000 after acquiring an additional 3,625 shares in the last quarter. 78.02% of the stock is owned by hedge funds and other 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.