Silicon Motion Technology (NASDAQ:SIMO) Upgraded at StockNews.com

Silicon Motion Technology (NASDAQ:SIMO) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

Several other equities research analysts have also commented on the stock. Craig Hallum decreased their price objective on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Roth Mkm decreased their price target on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. Needham & Company LLC cut their price objective on Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Wedbush reaffirmed an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a research report on Monday, December 23rd. Finally, Susquehanna cut their price target on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a report on Friday, November 1st. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Silicon Motion Technology presently has an average rating of “Moderate Buy” and a consensus target price of $81.67.

Silicon Motion Technology Stock Down 1.9 %

Shares of NASDAQ:SIMO opened at $55.57 on Wednesday. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of 21.05, a PEG ratio of 1.30 and a beta of 0.79. The business’s 50 day moving average is $54.57 and its 200 day moving average is $57.65. Silicon Motion Technology has a 12-month low of $48.81 and a 12-month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. As a group, equities research analysts expect that Silicon Motion Technology will post 2.58 earnings per share for the current year.

Silicon Motion Technology announced that its board has approved a stock buyback plan on Wednesday, February 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the semiconductor producer to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Silicon Motion Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. raised its position in shares of Silicon Motion Technology by 129.4% in the third quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock valued at $27,000 after purchasing an additional 251 shares during the period. GAMMA Investing LLC raised its holdings in Silicon Motion Technology by 123.2% during the 4th quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock valued at $47,000 after acquiring an additional 484 shares during the period. Blue Trust Inc. lifted its position in shares of Silicon Motion Technology by 139.5% during the third quarter. Blue Trust Inc. now owns 1,365 shares of the semiconductor producer’s stock worth $83,000 after acquiring an additional 795 shares in the last quarter. Van ECK Associates Corp purchased a new stake in shares of Silicon Motion Technology during the third quarter worth $151,000. Finally, Truist Financial Corp bought a new position in shares of Silicon Motion Technology in the second quarter worth $236,000. 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.