Silicon Motion Technology (NASDAQ:SIMO) Stock Rating Upgraded by StockNews.com

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

A number of other analysts have also recently commented on the stock. Needham & Company LLC boosted their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. Bank of America lowered shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and lowered their price target for the stock from $90.00 to $60.00 in a research report on Friday, August 16th. Finally, B. Riley decreased their target price 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. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Moderate Buy” and an average target price of $87.56.

Silicon Motion Technology Trading Up 2.7 %

NASDAQ:SIMO opened at $59.64 on Friday. The firm has a fifty day simple moving average of $66.54 and a 200-day simple moving average of $73.50. Silicon Motion Technology has a 12 month low of $49.50 and a 12 month high of $85.87. The company has a market capitalization of $2.01 billion, a P/E ratio of 33.89, a PEG ratio of 0.92 and a beta of 0.84.

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

Hedge Funds Weigh In On Silicon Motion Technology

Large investors have recently made changes to their positions in the stock. Parallel Advisors LLC increased its stake in 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 buying an additional 333 shares during the period. Blue Trust Inc. boosted its holdings in shares of Silicon Motion Technology by 3,971.4% in the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 556 shares in the last quarter. Assetmark Inc. boosted its holdings in shares of Silicon Motion Technology by 34.5% in the 4th 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. Barometer Capital Management Inc. acquired a new position in shares of Silicon Motion Technology in the 4th quarter valued at $123,000. Finally, Headlands Technologies LLC acquired a new position in shares of Silicon Motion Technology in the 2nd quarter valued at $139,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.