Wedbush Reaffirms “Outperform” Rating for Silicon Motion Technology (NASDAQ:SIMO)

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “outperform” rating reiterated by research analysts at Wedbush in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $90.00 price objective on the semiconductor producer’s stock. Wedbush’s price objective suggests a potential upside of 51.18% from the company’s current price.

Several other brokerages also recently weighed in on SIMO. B. Riley lowered their price target on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, August 5th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, September 14th. Needham & Company LLC raised their price target on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 8th. Morgan Stanley lowered their price target on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Finally, Bank of America lowered shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and cut their price objective for the company from $90.00 to $60.00 in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $85.56.

Silicon Motion Technology Stock Performance

Shares of Silicon Motion Technology stock traded down $0.04 on Wednesday, hitting $59.53. 38,044 shares of the company’s stock were exchanged, compared to its average volume of 395,267. Silicon Motion Technology has a 1 year low of $50.43 and a 1 year high of $85.87. The company has a 50-day simple moving average of $61.48 and a 200-day simple moving average of $72.34. The stock has a market capitalization of $2.00 billion, a PE ratio of 33.89, a PEG ratio of 0.97 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The business had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. During the same quarter in the prior year, the business posted $0.33 earnings per share. The business’s quarterly revenue was up 50.1% on a year-over-year basis. On average, analysts expect that Silicon Motion Technology will post 2.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC boosted its stake in shares of Silicon Motion Technology by 154.9% during 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. Blue Trust Inc. raised its stake in Silicon Motion Technology by 3,971.4% in the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock worth $44,000 after buying an additional 556 shares in the last quarter. Barometer Capital Management Inc. purchased a new stake in Silicon Motion Technology during the fourth quarter worth $123,000. Headlands Technologies LLC bought a new stake in Silicon Motion Technology during the 2nd quarter valued at $139,000. Finally, LRI Investments LLC purchased a new position in shares of Silicon Motion Technology in the 1st quarter valued at $150,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

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.