Silicon Motion Technology (NASDAQ:SIMO) Price Target Raised to $94.00 at Needham & Company LLC

Silicon Motion Technology (NASDAQ:SIMO) had its price target increased by Needham & Company LLC from $85.00 to $94.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a buy rating on the semiconductor producer’s stock.

Several other analysts also recently weighed in on SIMO. Wedbush reaffirmed an outperform rating and set a $85.00 target price on shares of Silicon Motion Technology in a research note on Friday, May 3rd. Craig Hallum increased their target price on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the company a buy rating in a research report on Monday, May 6th. StockNews.com upgraded shares of Silicon Motion Technology from a hold rating to a buy rating in a research report on Friday, May 3rd. Morgan Stanley upgraded shares of Silicon Motion Technology from an equal weight rating to an overweight rating and raised their price objective for the company from $59.00 to $88.00 in a research note on Monday, May 6th. Finally, Susquehanna boosted their target price on Silicon Motion Technology from $100.00 to $110.00 and gave the stock a positive rating in a report on Monday, May 6th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of Buy and a consensus price target of $93.13.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $83.76 on Monday. The business’s fifty day moving average price is $79.44 and its two-hundred day moving average price is $73.07. The firm has a market capitalization of $2.82 billion, a PE ratio of 47.59, a P/E/G ratio of 0.77 and a beta of 0.86. 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 posted its earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.78%. The firm had revenue of $189.31 million during the quarter, compared to analyst estimates of $180.23 million. Equities research analysts expect that Silicon Motion Technology will post 2.81 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th were issued a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, May 8th. This represents a $2.00 annualized dividend and a dividend yield of 2.39%. Silicon Motion Technology’s dividend payout ratio is currently 113.07%.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds have recently modified their holdings of SIMO. Parallel Advisors LLC boosted its stake in Silicon Motion Technology by 154.9% in the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after purchasing an additional 333 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Silicon Motion Technology by 0.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 73,150 shares of the semiconductor producer’s stock worth $4,482,000 after buying an additional 341 shares during the period. Assetmark Inc. grew its holdings in shares of Silicon Motion Technology by 34.5% during the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after buying an additional 342 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Silicon Motion Technology by 48.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the semiconductor producer’s stock valued at $155,000 after buying an additional 821 shares during the period. Finally, CVA Family Office LLC purchased a new stake in Silicon Motion Technology in the 4th quarter worth about $65,000. 78.02% of the stock is owned by hedge funds and other 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.