Silicon Motion Technology (NASDAQ:SIMO) Upgraded to Strong-Buy at Zacks Research
by Jessica Moore · The Cerbat GemZacks Research upgraded shares of Silicon Motion Technology (NASDAQ:SIMO – Free Report) from a hold rating to a strong-buy rating in a research note published on Tuesday,Zacks.com reports.
Several other analysts also recently weighed in on the company. Wedbush increased their target price on Silicon Motion Technology from $180.00 to $230.00 and gave the company an “outperform” rating in a research note on Thursday, April 30th. Craig Hallum reaffirmed a “buy” rating and issued a $250.00 price target on shares of Silicon Motion Technology in a research report on Thursday, April 30th. B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. Susquehanna increased their price objective on Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a research report on Thursday, April 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $205.63.
View Our Latest Stock Analysis on SIMO
Silicon Motion Technology Trading Up 1.0%
SIMO traded up $2.54 during trading on Tuesday, hitting $247.49. The stock had a trading volume of 196,895 shares, compared to its average volume of 762,319. The firm has a market cap of $8.41 billion, a PE ratio of 49.22, a P/E/G ratio of 0.79 and a beta of 1.67. Silicon Motion Technology has a 12 month low of $52.03 and a 12 month high of $250.02. The company has a 50 day simple moving average of $134.91 and a 200-day simple moving average of $114.27.
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. The company had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The business’s quarterly revenue was up 105.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.60 earnings per share. As a group, sell-side analysts anticipate that Silicon Motion Technology will post 7.21 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Silicon Motion Technology
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Reinhart Partners LLC. lifted its position in shares of Silicon Motion Technology by 4.8% in the 4th quarter. Reinhart Partners LLC. now owns 1,573,355 shares of the semiconductor producer’s stock worth $145,851,000 after acquiring an additional 72,421 shares during the period. Pertento Partners LLP increased its position in shares of Silicon Motion Technology by 2.5% during the third quarter. Pertento Partners LLP now owns 1,290,409 shares of the semiconductor producer’s stock valued at $122,344,000 after purchasing an additional 31,405 shares during the period. Hawk Ridge Capital Management LP increased its position in shares of Silicon Motion Technology by 111.3% during the fourth quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock valued at $73,024,000 after purchasing an additional 415,000 shares during the period. Lazard Asset Management LLC raised its stake in shares of Silicon Motion Technology by 2.3% in the third quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock valued at $74,299,000 after purchasing an additional 17,741 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Silicon Motion Technology by 40.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer’s stock valued at $57,840,000 after purchasing an additional 181,206 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors.
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.