StockNews.com Downgrades Silicon Motion Technology (NASDAQ:SIMO) to Hold

Silicon Motion Technology (NASDAQ:SIMO) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

Several other equities research analysts have also commented on SIMO. Roth Mkm decreased 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. Needham & Company LLC lowered their price target on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Craig Hallum cut 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. Morgan Stanley lowered their target price 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 cut Silicon Motion Technology from a “buy” rating to an “underperform” rating and cut their price target for the stock from $90.00 to $60.00 in a report on Friday, August 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Silicon Motion Technology has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $56.27 on Wednesday. Silicon Motion Technology has a one year low of $50.50 and a one year high of $85.87. The company has a market cap of $1.90 billion, a P/E ratio of 21.31, a price-to-earnings-growth ratio of 1.55 and a beta of 0.82. The business has a fifty day moving average of $55.61 and a two-hundred day moving average of $64.93.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The firm had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.49 million. During the same quarter last year, the business earned $0.32 earnings per share. The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. Sell-side analysts predict that Silicon Motion Technology will post 2.59 EPS for the current year.

Institutional Trading of Silicon Motion Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. lifted its holdings in shares of Silicon Motion Technology by 129.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock worth $27,000 after acquiring an additional 251 shares during the period. Blue Trust Inc. raised its stake in Silicon Motion Technology by 3,971.4% during the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 556 shares during the period. Headlands Technologies LLC acquired a new position in shares of Silicon Motion Technology in the 2nd quarter valued at $139,000. Van ECK Associates Corp purchased a new stake in shares of Silicon Motion Technology during the 3rd quarter valued at $151,000. Finally, XTX Topco Ltd acquired a new stake in shares of Silicon Motion Technology during the 2nd quarter worth $220,000. Hedge funds and other 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.