Silicon Motion Technology Corporation (NASDAQ:SIMO) Receives $341.43 Consensus PT from Brokerages

Silicon Motion Technology Corporation (NASDAQ:SIMO) has received a consensus rating of “Buy” from the ten ratings firms that are presently covering the company, Marketbeat.com reports. Nine analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $341.4286.

A number of research analysts have issued reports on the stock. Susquehanna boosted their target price on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a research note on Friday, July 31st. B. Riley Financial boosted their price objective on Silicon Motion Technology from $312.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Craig Hallum reissued a “buy” rating and issued a $325.00 price objective on shares of Silicon Motion Technology in a report on Friday, July 31st. Wall Street Zen cut Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Needham & Company LLC lifted their target price on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, July 30th.

Insiders Place Their Bets

In other news, Director Han-Ping Shieh sold 1,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total transaction of $328,000.00. Following the transaction, the director directly owned 7,500 shares of the company’s stock, valued at approximately $2,460,000. This trade represents a 11.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of Silicon Motion Technology stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total transaction of $610,000.00. Following the sale, the director owned 8,500 shares in the company, valued at approximately $2,592,500. This represents a 19.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 4,000 shares of company stock worth $1,239,250 over the last three months. Corporate insiders own 5.34% of the company’s stock.

Institutional Investors Weigh In On Silicon Motion Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. bought a new position in Silicon Motion Technology during the 3rd quarter valued at $26,000. Cooper Investors PTY Ltd. bought a new stake in shares of Silicon Motion Technology in the 2nd quarter worth $34,000. Arax Advisory Partners raised its stake in shares of Silicon Motion Technology by 220.9% in the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after buying an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 366 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Silicon Motion Technology in the second quarter valued at $75,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

SIMO stock opened at $245.81 on Thursday. The stock has a market capitalization of $8.34 billion, a price-to-earnings ratio of 28.82, a PEG ratio of 0.43 and a beta of 1.71. Silicon Motion Technology has a 1 year low of $77.22 and a 1 year high of $355.00. The stock’s fifty day moving average is $275.85 and its two-hundred day moving average is $215.42.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, topping the consensus estimate of $2.13 by $0.30. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The business had revenue of $451.00 million during the quarter, compared to analyst estimates of $403.41 million. During the same quarter in the prior year, the firm earned $0.69 earnings per share. The company’s quarterly revenue was up 127.0% on a year-over-year basis. As a group, analysts predict that Silicon Motion Technology will post 10.78 EPS for the current fiscal year.

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.