Silicon Motion Technology (NASDAQ:SIMO) Rating Lowered to Buy at Wall Street Zen

Silicon Motion Technology (NASDAQ:SIMO) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Other equities analysts have also issued reports about the company. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. JPMorgan Chase & Co. boosted their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Wedbush upped their price target on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Needham & Company LLC upped their price target on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silicon Motion Technology in a report on Monday, August 3rd. 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 data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $341.43.

Silicon Motion Technology Price Performance

SIMO stock opened at $268.90 on Friday. The stock’s 50 day moving average is $282.15 and its 200-day moving average is $206.85. The firm has a market capitalization of $9.12 billion, a PE ratio of 31.52, a P/E/G ratio of 0.47 and a beta of 1.71. Silicon Motion Technology has a twelve month low of $71.35 and a twelve month high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.30. The business had revenue of $451.00 million for 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%. The firm’s revenue for the quarter was up 127.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.69 earnings per share. On average, equities research analysts anticipate that Silicon Motion Technology will post 10.78 earnings per share for the current fiscal year.

Insider Activity at Silicon Motion Technology

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 shares were sold at an average price of $328.00, for a total value of $328,000.00. Following the transaction, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. This represents a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the firm’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 transaction of $610,000.00. Following the completion of the sale, the director directly owned 8,500 shares in the company, valued at $2,592,500. This represents a 19.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 4,000 shares of company stock worth $1,239,250. 5.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SIMO. Brown Brothers Harriman & Co. bought a new stake in Silicon Motion Technology during the third quarter worth about $26,000. WealthCollab LLC raised its holdings in shares of Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after buying an additional 151 shares in the last quarter. Cooper Investors PTY Ltd. purchased a new position in shares of Silicon Motion Technology during the 2nd quarter valued at about $34,000. Arax Advisory Partners lifted its position in Silicon Motion Technology by 220.9% in the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after buying an additional 307 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after buying an additional 366 shares during the last quarter. 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.