Silicon Motion Technology (NASDAQ:SIMO) Rating Lowered to Hold at StockNews.com

Silicon Motion Technology (NASDAQ:SIMO) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Several other brokerages have also recently commented on SIMO. Wedbush reaffirmed an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. Susquehanna cut their price objective on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a report on Friday, November 1st. Craig Hallum lowered their target price on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Roth Mkm cut their price target on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, October 8th. Finally, Bank of America downgraded Silicon Motion Technology from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $90.00 to $60.00 in a research note on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $81.67.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO opened at $56.12 on Wednesday. The company has a market cap of $1.89 billion, a PE ratio of 21.26, a PEG ratio of 1.55 and a beta of 0.82. Silicon Motion Technology has a 52-week low of $50.50 and a 52-week high of $85.87. The stock has a 50-day simple moving average of $55.78 and a 200 day simple moving average of $65.05.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The firm had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. During the same period in the previous year, the business posted $0.32 earnings per share. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, research analysts predict that Silicon Motion Technology will post 2.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. 272 Capital LP lifted its position in shares of Silicon Motion Technology by 55.3% during the 3rd quarter. 272 Capital LP now owns 101,391 shares of the semiconductor producer’s stock valued at $6,158,000 after acquiring an additional 36,092 shares during the period. Oddo BHF Asset Management Sas bought a new stake in Silicon Motion Technology during the 3rd quarter worth approximately $13,211,000. Geode Capital Management LLC grew its holdings in Silicon Motion Technology by 0.7% during the third quarter. Geode Capital Management LLC now owns 35,948 shares of the semiconductor producer’s stock worth $2,183,000 after buying an additional 253 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Silicon Motion Technology in the third quarter valued at about $5,904,000. Finally, Y Intercept Hong Kong Ltd increased its stake in Silicon Motion Technology by 23.3% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 10,378 shares of the semiconductor producer’s stock valued at $630,000 after buying an additional 1,960 shares during the last quarter. 78.02% of the stock is 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.