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

Silicon Motion Technology Corporation (NASDAQ:SIMO) has received a consensus rating of “Buy” from the ten ratings firms that are presently covering the stock, Marketbeat Ratings reports. Nine research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $341.4286.

A number of analysts recently weighed in on the stock. B. Riley Financial increased 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 report on Friday, July 31st. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Wedbush increased their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Needham & Company LLC boosted their price objective on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, Susquehanna upped their price objective on Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a research report on Friday, July 31st.

Insider Activity

In other Silicon Motion Technology news, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the transaction, the director directly owned 8,500 shares in the company, valued at $2,592,500. This represents a 19.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Han-Ping Shieh sold 1,000 shares of the 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 completion of the transaction, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. This trade represents a 11.76% decrease in their position. The SEC filing for this sale provides additional information. 5.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Assetmark Inc. raised its holdings in Silicon Motion Technology by 2.3% in the first quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock worth $316,000 after purchasing an additional 63 shares in the last quarter. Wedbush Securities Inc. lifted its position in Silicon Motion Technology by 1.7% during the 4th quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer’s stock worth $434,000 after acquiring an additional 79 shares during the period. NewEdge Wealth LLC boosted its position in Silicon Motion Technology by 3.6% in the fourth quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer’s stock valued at $244,000 after buying an additional 91 shares during the last quarter. Cooper Investors PTY Ltd. purchased a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at $34,000. Finally, Ballentine Partners LLC grew its position in Silicon Motion Technology by 2.8% during the 4th quarter. Ballentine Partners LLC now owns 4,006 shares of the semiconductor producer’s stock worth $371,000 after purchasing an additional 110 shares during the period. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Up 0.4%

Shares of SIMO opened at $246.84 on Thursday. The company has a market cap of $8.37 billion, a PE ratio of 28.94, a P/E/G ratio of 0.43 and a beta of 1.71. The business has a fifty day moving average of $274.05 and a 200 day moving average of $216.78. Silicon Motion Technology has a 52-week low of $77.22 and a 52-week high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The business had revenue of $451.00 million for the quarter, compared to analysts’ expectations of $403.41 million. During the same quarter in the previous year, the business posted $0.69 earnings per share. The business’s revenue was up 127.0% compared to the same quarter last year. As a group, research analysts anticipate that Silicon Motion Technology will post 10.78 earnings per share for the current fiscal year.

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.