Silicon Motion Technology (NASDAQ:SIMO) Given “Buy” Rating at B. Riley

B. Riley reaffirmed their buy rating on shares of Silicon Motion Technology (NASDAQ:SIMO) in a research report sent to investors on Thursday,Benzinga reports. They currently have a $90.00 price target on the semiconductor producer’s stock, up from their previous price target of $75.00.

A number of other equities research analysts have also recently weighed in on SIMO. Needham & Company LLC lowered their price target on Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Wall Street Zen cut Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Finally, Bank of America upgraded Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price target on the stock in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $77.75.

Silicon Motion Technology Trading Up 0.9%

NASDAQ SIMO opened at $67.08 on Thursday. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of 24.94, a PEG ratio of 1.36 and a beta of 0.80. The business’s 50 day moving average is $52.01 and its two-hundred day moving average is $53.66. 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 released its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.16. The business had revenue of $166.49 million for the quarter, compared to analysts’ expectations of $162.69 million. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The company’s revenue was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 EPS. Equities analysts forecast that Silicon Motion Technology will post 3.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers lifted its stake in Silicon Motion Technology by 8.7% in the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer’s stock valued at $306,000 after buying an additional 453 shares in the last quarter. Choreo LLC purchased a new stake in Silicon Motion Technology in the 4th quarter valued at approximately $209,000. Blue Trust Inc. lifted its stake in shares of Silicon Motion Technology by 64.7% during the 4th 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 period. Sei Investments Co. lifted its stake in shares of Silicon Motion Technology by 7.1% during the 4th quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer’s stock worth $3,179,000 after purchasing an additional 3,875 shares during the period. Finally, Pertento Partners LLP lifted its stake in shares of Silicon Motion Technology by 31.2% during the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer’s stock worth $63,072,000 after purchasing an additional 277,462 shares during the period. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.