Silicon Motion Technology Co. (NASDAQ:SIMO) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) have been assigned a consensus recommendation of “Moderate Buy” from the eight analysts that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $77.75.

SIMO has been the subject of several analyst reports. B. Riley reissued a “buy” rating and issued a $90.00 target price (up from $75.00) on shares of Silicon Motion Technology in a research note on Thursday, June 5th. Needham & Company LLC cut their price target on Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Wall Street Zen downgraded Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Finally, Bank of America raised Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price target for the company in a report on Wednesday, April 23rd.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC lifted its holdings in shares of Silicon Motion Technology by 61.8% during the first quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer’s stock worth $58,000 after buying an additional 440 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Silicon Motion Technology by 79.3% during the first quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer’s stock worth $84,000 after buying an additional 736 shares in the last quarter. Menard Financial Group LLC acquired a new stake in shares of Silicon Motion Technology during the fourth quarter worth $88,000. Blue Trust Inc. lifted its holdings 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 buying an additional 883 shares in the last quarter. Finally, LRI Investments LLC lifted its holdings 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 worth $164,000 after buying an additional 2,543 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Trading Up 0.3%

NASDAQ:SIMO opened at $67.29 on Tuesday. Silicon Motion Technology has a 1-year low of $37.21 and a 1-year high of $85.87. The firm has a fifty day simple moving average of $52.32 and a 200 day simple moving average of $53.75. The stock has a market capitalization of $2.29 billion, a PE ratio of 25.01, a P/E/G ratio of 1.36 and a beta of 0.80.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.16. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The business had revenue of $166.49 million during the quarter, compared to analysts’ expectations of $162.69 million. During the same period last year, the business earned $0.64 earnings per share. The firm’s revenue was down 12.1% on a year-over-year basis. On average, equities analysts predict that Silicon Motion Technology will post 3.08 earnings per share for the current fiscal year.

About Silicon Motion Technology

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.