Silicon Motion Technology Co. (NASDAQ:SIMO) Receives Average Rating of “Moderate Buy” from Brokerages

Silicon Motion Technology Co. (NASDAQ:SIMO) has received an average rating of “Moderate Buy” from the nine brokerages that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating and eight have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $86.11.

SIMO has been the subject of a number of analyst reports. Roth Mkm lowered their target price on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, October 8th. Wedbush restated an “outperform” rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. B. Riley cut their target price on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Morgan Stanley decreased their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Finally, StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th.

Silicon Motion Technology Price Performance

SIMO stock opened at $56.06 on Monday. Silicon Motion Technology has a 1-year low of $51.85 and a 1-year high of $85.87. The business has a 50-day moving average price of $59.31 and a 200 day moving average price of $69.96. The company has a market capitalization of $1.89 billion, a P/E ratio of 23.96, a PEG ratio of 0.90 and a beta of 0.83.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The business had revenue of $210.67 million during the quarter, compared to analyst estimates of $206.75 million. During the same quarter in the previous year, the business posted $0.33 EPS. The company’s quarterly revenue was up 50.1% compared to the same quarter last year. On average, analysts anticipate that Silicon Motion Technology will post 2.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SIMO. Acadian Asset Management LLC lifted its holdings in shares of Silicon Motion Technology by 161.5% during the first quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after purchasing an additional 825,394 shares during the period. Reinhart Partners LLC. lifted its stake in Silicon Motion Technology by 43.3% during the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after acquiring an additional 326,358 shares during the period. Farallon Capital Management LLC boosted its holdings in shares of Silicon Motion Technology by 247.0% in the 1st quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after acquiring an additional 608,949 shares during the last quarter. Millennium Management LLC increased its stake in shares of Silicon Motion Technology by 15.3% in the second quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock worth $64,130,000 after acquiring an additional 105,084 shares during the period. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Silicon Motion Technology during the first quarter worth $53,676,000. Institutional investors and hedge funds 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.