Silicon Motion Technology Co. (NASDAQ:SIMO) Receives $86.11 Consensus Target Price from Analysts

Silicon Motion Technology Co. (NASDAQ:SIMO) has been assigned a consensus rating of “Moderate Buy” from the nine research firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $86.11.

SIMO has been the topic of several research reports. B. Riley cut their price objective on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Morgan Stanley cut their price objective on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Roth Mkm cut their price objective on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, October 8th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th. Finally, Needham & Company LLC lifted their price target on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research note on Monday, July 8th.

Silicon Motion Technology Stock Down 2.2 %

Shares of NASDAQ SIMO opened at $55.76 on Monday. The company’s fifty day moving average is $59.67 and its 200-day moving average is $70.25. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of 31.68, a P/E/G ratio of 0.88 and a beta of 0.83. Silicon Motion Technology has a twelve month low of $51.85 and a twelve month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The business had revenue of $210.67 million for the quarter, compared to analysts’ expectations of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The firm’s revenue was up 50.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.33 EPS. On average, research analysts anticipate that Silicon Motion Technology will post 2.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC raised its holdings in shares of Silicon Motion Technology by 161.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock valued at $102,779,000 after purchasing an additional 825,394 shares during the period. Reinhart Partners LLC. raised its holdings in shares of 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 purchasing an additional 326,358 shares during the period. Farallon Capital Management LLC raised its holdings in shares of Silicon Motion Technology by 247.0% in the 1st quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after purchasing an additional 608,949 shares during the period. Millennium Management LLC raised its holdings in shares of Silicon Motion Technology by 15.3% in the 2nd quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock valued at $64,130,000 after purchasing an additional 105,084 shares during the period. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Silicon Motion Technology in the 1st quarter valued at about $53,676,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.