Silicon Motion Technology (NASDAQ:SIMO) Sees Strong Trading Volume on Analyst Upgrade

Silicon Motion Technology Co. (NASDAQ:SIMO) saw strong trading volume on Monday after B. Riley raised their price target on the stock from $101.00 to $105.00. B. Riley currently has a buy rating on the stock. 432,624 shares traded hands during trading, a decline of 2% from the previous session’s volume of 441,961 shares.The stock last traded at $80.68 and had previously closed at $73.96.

Other analysts have also recently issued research reports about the company. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. raised their target price on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Wedbush reissued an “outperform” rating and issued a $85.00 price target on shares of Silicon Motion Technology in a report on Friday, May 3rd. Craig Hallum raised their price objective on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a research report on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $85.00 target price on shares of Silicon Motion Technology in a research report on Monday. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $91.13.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Parallel Advisors LLC boosted its holdings in Silicon Motion Technology by 154.9% during the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after acquiring an additional 333 shares during the period. Signaturefd LLC boosted its stake in shares of Silicon Motion Technology by 183.5% during the third quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after purchasing an additional 444 shares during the period. Assetmark Inc. bought a new position in shares of Silicon Motion Technology in the third quarter worth approximately $51,000. CVA Family Office LLC purchased a new position in shares of Silicon Motion Technology in the fourth quarter worth $65,000. Finally, Covestor Ltd increased its stake in shares of Silicon Motion Technology by 76.9% in the third quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock worth $92,000 after buying an additional 777 shares during the period. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Trading Up 0.8 %

The company has a market capitalization of $2.67 billion, a P/E ratio of 45.02, a price-to-earnings-growth ratio of 3.98 and a beta of 0.87. The stock’s fifty day moving average is $75.00 and its 200 day moving average is $66.12.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. The company had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. On average, analysts expect that Silicon Motion Technology Co. will post 2.65 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.52%. The ex-dividend date is Wednesday, May 8th. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 113.07%.

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.