Silicon Motion Technology’s (SIMO) Outperform Rating Reiterated at Wedbush

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a report issued on Monday,RTT News reports. They presently have a $90.00 price target on the semiconductor producer’s stock. Wedbush’s price objective indicates a potential upside of 59.32% from the stock’s previous close.

Several other research firms also recently weighed in on SIMO. Susquehanna cut their price target on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research note on Friday, November 1st. Morgan Stanley reduced their price target on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Craig Hallum dropped their price target on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Roth Mkm reduced their price objective on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, October 8th. Finally, StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Trading Up 0.7 %

SIMO opened at $56.49 on Monday. Silicon Motion Technology has a 12-month low of $50.50 and a 12-month high of $85.87. The company has a market cap of $1.90 billion, a price-to-earnings ratio of 21.40, a price-to-earnings-growth ratio of 1.61 and a beta of 0.82. The stock has a fifty day simple moving average of $55.16 and a two-hundred day simple moving average of $63.66.

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

Institutional Investors Weigh In On Silicon Motion Technology

A number of large investors have recently added to or reduced their stakes in SIMO. Erste Asset Management GmbH bought a new stake in shares of Silicon Motion Technology in the third quarter worth $40,331,000. FMR LLC grew its stake in shares of Silicon Motion Technology by 27.7% during the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock valued at $136,032,000 after purchasing an additional 485,862 shares during the period. Reinhart Partners LLC. increased its position in shares of 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 purchasing an additional 326,358 shares during the last quarter. AIGH Capital Management LLC bought a new position in shares of Silicon Motion Technology in the 2nd quarter worth approximately $22,272,000. Finally, Hood River Capital Management LLC purchased a new position in shares of Silicon Motion Technology in the second quarter worth approximately $21,208,000. 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.