Wedbush Raises Silicon Motion Technology (NASDAQ:SIMO) Price Target to $400.00

Silicon Motion Technology (NASDAQ:SIMO) had its price target hoisted by analysts at Wedbush from $230.00 to $400.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the semiconductor producer’s stock. Wedbush’s target price points to a potential upside of 24.35% from the stock’s current price.

SIMO has been the topic of a number of other reports. B. Riley Financial reissued a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. JPMorgan Chase & Co. raised their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Roth Mkm reissued a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 29th. Finally, Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $246.43.

Silicon Motion Technology Price Performance

Shares of SIMO stock opened at $321.66 on Monday. The stock has a market cap of $10.91 billion, a price-to-earnings ratio of 63.95, a PEG ratio of 0.75 and a beta of 1.72. The business’s fifty day moving average is $232.81 and its 200 day moving average is $155.39. Silicon Motion Technology has a twelve month low of $68.79 and a twelve month high of $336.32.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.31 by $0.27. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The business had revenue of $342.11 million during the quarter, compared to analyst estimates of $299.53 million. During the same quarter last year, the firm posted $0.60 earnings per share. The company’s revenue for the quarter was up 105.5% on a year-over-year basis. Equities research analysts expect that Silicon Motion Technology will post 8.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. Pacer Advisors Inc. increased its holdings in Silicon Motion Technology by 25.9% during the first quarter. Pacer Advisors Inc. now owns 4,226 shares of the semiconductor producer’s stock valued at $475,000 after buying an additional 869 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Silicon Motion Technology by 33.2% during the 1st quarter. Bank of America Corp DE now owns 244,387 shares of the semiconductor producer’s stock worth $27,442,000 after acquiring an additional 60,970 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Silicon Motion Technology by 78.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,159 shares of the semiconductor producer’s stock valued at $130,000 after acquiring an additional 511 shares during the period. Royal Bank of Canada raised its holdings in Silicon Motion Technology by 4.5% in the 1st quarter. Royal Bank of Canada now owns 49,037 shares of the semiconductor producer’s stock worth $5,506,000 after purchasing an additional 2,110 shares during the period. Finally, Hawk Ridge Capital Management LP raised its holdings in Silicon Motion Technology by 48.9% in the 1st quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer’s stock worth $131,752,000 after purchasing an additional 385,568 shares during the period. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.