Analysts Set Silicon Motion Technology Corporation (NASDAQ:SIMO) Price Target at $341.43

Silicon Motion Technology Corporation (NASDAQ:SIMO) has been given an average recommendation of “Buy” by the ten analysts that are presently covering the firm, MarketBeat.com reports. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $341.4286.

SIMO has been the subject of several research analyst reports. Needham & Company LLC lifted their price target on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Weiss Ratings raised shares of Silicon Motion Technology from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, August 17th. Susquehanna boosted their price objective on Silicon Motion Technology from $275.00 to $350.00 and gave the stock a “positive” rating in a research report on Friday, July 31st. Wedbush boosted their price target on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Finally, Craig Hallum restated a “buy” rating and set a $325.00 price target on shares of Silicon Motion Technology in a research report on Friday, July 31st.

Hedge Funds Weigh In On Silicon Motion Technology

A number of large investors have recently made changes to their positions in SIMO. QRG Capital Management Inc. purchased a new stake in Silicon Motion Technology in the 2nd quarter worth approximately $636,000. IKE Capital LLC purchased a new position in shares of Silicon Motion Technology during the 2nd quarter valued at $412,000. Tidal Investments LLC grew its position in shares of Silicon Motion Technology by 135.9% during the 2nd quarter. Tidal Investments LLC now owns 116,620 shares of the semiconductor producer’s stock valued at $38,873,000 after purchasing an additional 67,178 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Silicon Motion Technology by 190.6% in the second quarter. NewEdge Advisors LLC now owns 2,130 shares of the semiconductor producer’s stock worth $710,000 after purchasing an additional 1,397 shares during the period. Finally, IFP Advisors Inc bought a new position in shares of Silicon Motion Technology in the second quarter worth $162,000. 78.02% of the stock is owned by institutional investors.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $276.53 on Monday. Silicon Motion Technology has a 52 week low of $79.76 and a 52 week high of $355.00. The stock has a market capitalization of $9.38 billion, a P/E ratio of 32.42, a price-to-earnings-growth ratio of 0.49 and a beta of 1.71. The stock has a fifty day moving average of $255.35 and a 200-day moving average of $231.90.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (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 company had revenue of $451.00 million during the quarter, compared to the consensus estimate of $403.41 million. During the same period in the prior year, the business earned $0.69 earnings per share. The company’s revenue for the quarter was up 127.0% compared to the same quarter last year. On average, research analysts forecast that Silicon Motion Technology will post 10.78 earnings per share for the current year.

About Silicon Motion Technology

Silicon Motion Technology Corporation develops and supplies semiconductor solutions for NAND flash storage devices. Its products include flash memory controllers for solid-state drives (SSDs), client and enterprise storage systems, embedded storage, and other applications that use NAND flash memory.

The company provides controller technologies used in consumer electronics, personal computers, mobile devices, industrial equipment, and data-center infrastructure. Its offerings are designed to manage data storage, improve performance and reliability, and support the integration of NAND flash memory into a range of storage products.

Silicon Motion was founded in 1995 and went public on the Nasdaq Stock Market in 2005 under the symbol SIMO.