Analysts Set Silicon Motion Technology Corporation (NASDAQ:SIMO) PT at $341.43

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have been given a consensus recommendation of “Buy” by the ten research firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $341.4286.

SIMO has been the subject of several research reports. B. Riley Financial lifted their price objective on shares of Silicon Motion Technology from $312.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Weiss Ratings restated a “hold (c)” rating on shares of Silicon Motion Technology in a research note on Monday, August 3rd. Wall Street Zen raised Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Finally, Wedbush lifted their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd.

Silicon Motion Technology Stock Down 4.2%

SIMO opened at $256.12 on Friday. The company has a market cap of $8.69 billion, a P/E ratio of 30.03, a price-to-earnings-growth ratio of 0.44 and a beta of 1.71. The firm’s 50-day moving average price is $286.45 and its 200-day moving average price is $201.70. Silicon Motion Technology has a 52-week low of $71.35 and a 52-week high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $451.00 million during the quarter, compared to analysts’ expectations of $403.41 million. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. Silicon Motion Technology’s revenue for the quarter was up 127.0% on a year-over-year basis. During the same period last year, the business earned $0.69 EPS. On average, research analysts anticipate that Silicon Motion Technology will post 10.78 EPS for the current fiscal year.

Insider Activity

In related news, Director Han-Ping Shieh sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total value of $328,000.00. Following the sale, the director owned 7,500 shares in the company, valued at $2,460,000. This represents a 11.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the completion of the sale, the director owned 8,500 shares in the company, valued at approximately $2,592,500. This represents a 19.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 4,000 shares of company stock valued at $1,239,250. Company insiders own 5.34% of the company’s stock.

Institutional Trading of Silicon Motion Technology

Several institutional investors and hedge funds have recently bought and sold shares of SIMO. Wolf Hill Capital Management LP acquired a new position in shares of Silicon Motion Technology in the 4th quarter valued at $53,893,000. Hawk Ridge Capital Management LP grew its position in Silicon Motion Technology by 111.3% during the fourth quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock valued at $73,024,000 after buying an additional 415,000 shares during the period. Man Group plc grew its position in Silicon Motion Technology by 820.7% during the fourth quarter. Man Group plc now owns 381,048 shares of the semiconductor producer’s stock valued at $35,323,000 after buying an additional 339,663 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Silicon Motion Technology by 112.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 425,697 shares of the semiconductor producer’s stock valued at $47,802,000 after buying an additional 225,221 shares in the last quarter. Finally, AIGH Capital Management LLC purchased a new position in Silicon Motion Technology in the first quarter valued at $22,458,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.