Silicon Motion Technology Co. (NASDAQ:SIMO) Receives $80.63 Consensus Price Target from Brokerages

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) have received a consensus recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $80.63.

Several analysts recently issued reports on SIMO shares. Needham & Company LLC reissued a “buy” rating and set a $70.00 target price on shares of Silicon Motion Technology in a research note on Friday, February 7th. StockNews.com downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a report on Monday, December 23rd.

Silicon Motion Technology Trading Down 1.6 %

Shares of NASDAQ:SIMO opened at $39.22 on Monday. The stock has a 50 day moving average of $50.70 and a 200 day moving average of $53.58. The company has a market cap of $1.32 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.36 and a beta of 0.81. Silicon Motion Technology has a 12-month low of $37.21 and a 12-month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. Equities research analysts predict that Silicon Motion Technology will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology declared that its board has approved a share repurchase program on Wednesday, February 5th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the semiconductor producer to purchase up to 2.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of Silicon Motion Technology by 123.2% during the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock valued at $47,000 after buying an additional 484 shares during the period. Parallel Advisors LLC boosted its holdings in Silicon Motion Technology by 61.8% during the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer’s stock valued at $58,000 after acquiring an additional 440 shares during the period. Menard Financial Group LLC purchased a new stake in Silicon Motion Technology in the fourth quarter worth $88,000. Blue Trust Inc. lifted its position in shares of Silicon Motion Technology by 64.7% during the fourth quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer’s stock worth $122,000 after purchasing an additional 883 shares during the last quarter. Finally, LRI Investments LLC boosted its stake in shares of Silicon Motion Technology by 519.0% during the fourth quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer’s stock valued at $164,000 after purchasing an additional 2,543 shares during the period. 78.02% of the stock is currently 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.