Silicon Motion Technology (NASDAQ:SIMO) Releases Earnings Results, Misses Expectations By $0.05 EPS

Silicon Motion Technology (NASDAQ:SIMO) posted its quarterly earnings data on Tuesday. The semiconductor producer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.31 by ($0.05), Briefing.com reports. The firm had revenue of $278.46 million for the quarter, compared to analyst estimates of $260.64 million. Silicon Motion Technology had a return on equity of 12.37% and a net margin of 12.27%.The firm’s quarterly revenue was up 45.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.91 EPS.

Silicon Motion Technology Stock Up 0.6%

SIMO opened at $120.42 on Wednesday. The stock has a market cap of $4.09 billion, a P/E ratio of 41.38, a P/E/G ratio of 1.32 and a beta of 1.06. Silicon Motion Technology has a 12 month low of $37.21 and a 12 month high of $127.67. The company has a fifty day simple moving average of $100.47 and a 200 day simple moving average of $91.21.

Wall Street Analysts Forecast Growth

SIMO has been the subject of a number of recent research reports. Wall Street Zen upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Silicon Motion Technology in a research note on Monday, December 29th. Zacks Research lowered shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. William Blair started coverage on Silicon Motion Technology in a research note on Thursday, January 22nd. They issued an “outperform” rating on the stock. Finally, Susquehanna lifted their price objective on Silicon Motion Technology from $95.00 to $120.00 and gave the stock a “positive” rating in a research note on Monday, November 3rd. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Silicon Motion Technology presently has an average rating of “Moderate Buy” and a consensus price target of $113.13.

Institutional Investors Weigh In On Silicon Motion Technology

Several large investors have recently modified their holdings of the business. Orion Porfolio Solutions LLC lifted its holdings in shares of Silicon Motion Technology by 0.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 17,733 shares of the semiconductor producer’s stock valued at $1,333,000 after purchasing an additional 159 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new stake in Silicon Motion Technology during the 3rd quarter worth approximately $26,000. EverSource Wealth Advisors LLC raised its holdings in Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after buying an additional 366 shares during the period. BNP Paribas Financial Markets lifted its stake in Silicon Motion Technology by 22.1% in the third quarter. BNP Paribas Financial Markets now owns 2,777 shares of the semiconductor producer’s stock valued at $263,000 after buying an additional 502 shares in the last quarter. Finally, Creative Planning boosted its holdings in shares of Silicon Motion Technology by 12.7% in the third quarter. Creative Planning now owns 4,856 shares of the semiconductor producer’s stock valued at $460,000 after buying an additional 547 shares during the period. 78.02% of the stock is currently owned by institutional investors.

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.