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

Silicon Motion Technology (NASDAQ:SIMO) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

SIMO has been the subject of a number of other reports. Roth Mkm reduced their price target on shares of 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 target price on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Morgan Stanley lowered their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Susquehanna cut their price objective on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a report on Friday, November 1st. Finally, Craig Hallum reduced their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $53.90 on Thursday. The firm’s 50 day moving average price is $55.22 and its two-hundred day moving average price is $64.06. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 1.61 and a beta of 0.82. Silicon Motion Technology has a twelve month low of $50.50 and a twelve month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. The business had revenue of $212.40 million for the quarter, compared to the consensus estimate of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. Silicon Motion Technology’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 earnings per share. On average, research analysts forecast that Silicon Motion Technology will post 2.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Erste Asset Management GmbH acquired a new stake in Silicon Motion Technology in the 3rd quarter worth approximately $40,331,000. FMR LLC boosted its holdings in shares of Silicon Motion Technology by 27.7% during the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock worth $136,032,000 after buying an additional 485,862 shares during the period. Reinhart Partners LLC. grew its stake in Silicon Motion Technology by 43.3% in the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after buying an additional 326,358 shares during the last quarter. AIGH Capital Management LLC bought a new position in Silicon Motion Technology in the 2nd quarter worth $22,272,000. Finally, Hood River Capital Management LLC acquired a new position in Silicon Motion Technology during the 2nd quarter worth $21,208,000. Institutional investors and hedge funds 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.