Silicon Motion Technology Co. (NASDAQ:SIMO) Given Consensus Rating of “Moderate Buy” by Analysts

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

Several equities research analysts have issued reports on SIMO shares. Roth Mkm dropped their target price on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, October 8th. Bank of America cut Silicon Motion Technology from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $90.00 to $60.00 in a report on Friday, August 16th. B. Riley reduced their target price on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a report on Monday, August 5th. Needham & Company LLC increased their price target on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a report on Monday, July 8th. Finally, Morgan Stanley cut their price objective 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.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SIMO. Lord Abbett & CO. LLC purchased a new position in Silicon Motion Technology in the 1st quarter worth approximately $53,676,000. M&G Plc bought a new position in Silicon Motion Technology in the first quarter valued at $6,304,000. Morse Asset Management Inc purchased a new stake in Silicon Motion Technology during the first quarter valued at about $700,000. Janney Montgomery Scott LLC lifted its stake in Silicon Motion Technology by 14.4% during the first quarter. Janney Montgomery Scott LLC now owns 83,663 shares of the semiconductor producer’s stock worth $6,437,000 after purchasing an additional 10,513 shares during the last quarter. Finally, Oliver Luxxe Assets LLC purchased a new position in shares of Silicon Motion Technology in the 1st quarter worth about $875,000. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Stock Performance

Shares of Silicon Motion Technology stock opened at $55.94 on Monday. The stock has a market capitalization of $1.88 billion, a P/E ratio of 31.78, a P/E/G ratio of 0.93 and a beta of 0.83. Silicon Motion Technology has a 52-week low of $51.85 and a 52-week high of $85.87. The stock’s 50-day simple moving average is $60.03 and its 200 day simple moving average is $70.67.

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

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.