China Renaissance Initiates Coverage on Silicon Motion Technology (NASDAQ:SIMO)

Equities research analysts at China Renaissance initiated coverage on shares of Silicon Motion Technology (NASDAQ:SIMO) in a research report issued to clients and investors on Wednesday, Briefing.com reports. The brokerage set a “buy” rating and a $300.00 price target on the semiconductor producer’s stock. China Renaissance‘s target price would suggest a potential upside of 46.94% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. Weiss Ratings cut shares of Silicon Motion Technology from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 16th. Craig Hallum reaffirmed a “buy” rating and issued a $325.00 price target on shares of Silicon Motion Technology in a research note on Friday, July 31st. Susquehanna upped their price objective on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a report on Friday, July 31st. Needham & Company LLC upped their price objective on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, B. Riley Financial cut their price objective on shares of Silicon Motion Technology from $350.00 to $288.00 and set a “buy” rating on the stock in a research report on Friday, October 23rd. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Silicon Motion Technology currently has an average rating of “Moderate Buy” and a consensus price target of $328.50.

Silicon Motion Technology Stock Up 7.9%

NASDAQ:SIMO opened at $204.17 on Wednesday. The company has a fifty day moving average of $250.60 and a 200-day moving average of $211.95. The firm has a market capitalization of $6.92 billion, a P/E ratio of 23.94 and a beta of 1.69. Silicon Motion Technology has a twelve month low of $79.76 and a twelve month high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $451.00 million for the quarter, compared to analyst estimates of $403.41 million. The firm’s revenue was up 127.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.69 EPS. On average, analysts anticipate that Silicon Motion Technology will post 10.60 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hawk Ridge Capital Management LP boosted its holdings in Silicon Motion Technology by 48.9% during the first quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer’s stock worth $131,752,000 after purchasing an additional 385,568 shares during the last quarter. Schwartz Investment Counsel Inc. increased its stake in Silicon Motion Technology by 48.6% in the 3rd quarter. Schwartz Investment Counsel Inc. now owns 401,300 shares of the semiconductor producer’s stock valued at $112,364,000 after buying an additional 131,300 shares during the last quarter. Lazard Asset Management LLC increased its stake in Silicon Motion Technology by 3.1% in the 1st quarter. Lazard Asset Management LLC now owns 781,981 shares of the semiconductor producer’s stock valued at $87,809,000 after buying an additional 23,403 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its stake in Silicon Motion Technology by 2.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 307,570 shares of the semiconductor producer’s stock valued at $86,120,000 after buying an additional 7,871 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Silicon Motion Technology by 112.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 425,697 shares of the semiconductor producer’s stock worth $47,802,000 after buying an additional 225,221 shares in the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

About Silicon Motion Technology

Silicon Motion Technology Corporation is a fabless semiconductor company that designs, develops and markets NAND flash storage controllers. Its products manage the storage, performance, reliability and power consumption of data stored in NAND flash memory and are used in a range of consumer, mobile, computing and industrial applications.

The company’s product portfolio includes controllers for solid-state drives (SSDs), embedded storage products such as eMMC and UFS devices, and other flash-based storage solutions.