Silicon Motion Technology’s (SIMO) Outperform Rating Reiterated at Wedbush

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “outperform” rating reaffirmed by stock analysts at Wedbush in a research note issued on Monday,RTT News reports. They presently have a $90.00 price objective on the semiconductor producer’s stock. Wedbush’s target price would suggest a potential upside of 60.51% from the company’s previous close.

A number of other research analysts have also commented on the company. Craig Hallum decreased their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Susquehanna lowered their price objective on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a research report on Friday, November 1st. Morgan Stanley cut their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Roth Mkm lowered their price target on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. Finally, Needham & Company LLC cut their price objective on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to MarketBeat, Silicon Motion Technology currently has an average rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Price Performance

Shares of SIMO traded up $2.17 on Monday, hitting $56.07. The company’s stock had a trading volume of 234,504 shares, compared to its average volume of 370,026. The company has a 50 day moving average price of $55.16 and a 200 day moving average price of $63.66. Silicon Motion Technology has a fifty-two week low of $50.50 and a fifty-two week high of $85.87. The company has a market capitalization of $1.89 billion, a PE ratio of 21.24, a PEG ratio of 1.61 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The company had revenue of $212.40 million for the quarter, compared to analyst estimates of $209.49 million. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The business’s revenue was up 23.3% on a year-over-year basis. On average, equities analysts forecast that Silicon Motion Technology will post 2.59 EPS for the current year.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. grew its position in shares of Silicon Motion Technology by 129.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock valued at $27,000 after purchasing an additional 251 shares during the period. Blue Trust Inc. boosted its holdings in shares of Silicon Motion Technology by 139.5% in the third quarter. Blue Trust Inc. now owns 1,365 shares of the semiconductor producer’s stock valued at $83,000 after buying an additional 795 shares during the period. Headlands Technologies LLC acquired a new position in shares of Silicon Motion Technology in the second quarter valued at approximately $139,000. XTX Topco Ltd acquired a new stake in shares of Silicon Motion Technology during the second quarter worth $220,000. Finally, Van ECK Associates Corp bought a new stake in Silicon Motion Technology in the 3rd quarter valued at $151,000. 78.02% of the stock is owned by 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.