Silicon Motion Technology (NASDAQ:SIMO) Rating Increased to Buy at StockNews.com

Silicon Motion Technology (NASDAQ:SIMO) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

A number of other equities research analysts also recently commented on SIMO. B. Riley raised their price objective on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Wedbush reaffirmed an “outperform” rating and set a $85.00 price objective on shares of Silicon Motion Technology in a report on Friday. Needham & Company LLC raised their target price on Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. JPMorgan Chase & Co. upped their price target on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. Finally, Craig Hallum raised their price objective on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Silicon Motion Technology currently has a consensus rating of “Buy” and an average target price of $87.57.

Silicon Motion Technology Stock Up 0.8 %

SIMO stock traded up $0.55 during trading on Friday, hitting $73.96. The company had a trading volume of 1,200,142 shares, compared to its average volume of 443,884. The firm has a 50-day moving average price of $74.63 and a 200-day moving average price of $65.64. The firm has a market cap of $2.44 billion, a PE ratio of 46.81, a price-to-earnings-growth ratio of 3.86 and a beta of 0.87. Silicon Motion Technology has a 1-year low of $49.50 and a 1-year high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.27% and a return on equity of 7.01%. The company had revenue of $202.38 million for the quarter, compared to analysts’ expectations of $197.60 million. Sell-side analysts anticipate that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

A number of large investors have recently bought and sold shares of SIMO. Parallel Advisors LLC grew its holdings in shares of Silicon Motion Technology by 154.9% during the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after buying an additional 333 shares in the last quarter. Signaturefd LLC raised its holdings in Silicon Motion Technology by 183.5% in the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after acquiring an additional 444 shares during the last quarter. Assetmark Inc. purchased a new position in shares of Silicon Motion Technology during the 3rd quarter worth $51,000. CVA Family Office LLC acquired a new stake in shares of Silicon Motion Technology during the fourth quarter worth $65,000. Finally, Covestor Ltd grew its position in shares of Silicon Motion Technology by 76.9% in the third quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock valued at $92,000 after purchasing an additional 777 shares during the period. Institutional investors and hedge funds 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.