Wedbush Raises Silicon Motion Technology (NASDAQ:SIMO) Price Target to $150.00

Silicon Motion Technology (NASDAQ:SIMO) had its target price upped by equities research analysts at Wedbush from $130.00 to $150.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor producer’s stock. Wedbush’s price target would indicate a potential upside of 16.85% from the stock’s previous close.

A number of other research firms have also weighed in on SIMO. William Blair initiated coverage on shares of Silicon Motion Technology in a report on Thursday, January 22nd. They set an “outperform” rating for the company. Zacks Research lowered Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 24th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Silicon Motion Technology in a report on Monday, December 29th. JPMorgan Chase & Co. raised their target price on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Finally, Needham & Company LLC upped their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Silicon Motion Technology has a consensus rating of “Moderate Buy” and an average target price of $125.00.

Silicon Motion Technology Stock Performance

SIMO stock opened at $128.37 on Thursday. The company’s 50 day moving average price is $101.28 and its two-hundred day moving average price is $91.47. Silicon Motion Technology has a one year low of $37.21 and a one year high of $133.34. The company has a market capitalization of $4.36 billion, a PE ratio of 35.27, a price-to-earnings-growth ratio of 1.33 and a beta of 1.06.

Institutional Trading of Silicon Motion Technology

Several hedge funds have recently made changes to their positions in SIMO. NewEdge Wealth LLC raised its position in Silicon Motion Technology by 3.6% during the fourth quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer’s stock valued at $244,000 after purchasing an additional 91 shares during the period. Ballentine Partners LLC raised its holdings in Silicon Motion Technology by 2.8% during the 4th quarter. Ballentine Partners LLC now owns 4,006 shares of the semiconductor producer’s stock valued at $371,000 after buying an additional 110 shares during the period. Penn Capital Management Company LLC lifted its position in Silicon Motion Technology by 2.3% in the third quarter. Penn Capital Management Company LLC now owns 5,821 shares of the semiconductor producer’s stock worth $552,000 after buying an additional 132 shares during the last quarter. WealthCollab LLC boosted its stake in Silicon Motion Technology by 77.4% during the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after buying an additional 151 shares during the period. Finally, Orion Porfolio Solutions LLC boosted its stake in Silicon Motion Technology by 0.9% during the second quarter. Orion Porfolio Solutions LLC now owns 17,733 shares of the semiconductor producer’s stock worth $1,333,000 after buying an additional 159 shares during the period. 78.02% of the stock is currently 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.