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

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “outperform” rating reissued by equities researchers at Wedbush in a report released on Monday,RTT News reports. They currently have a $90.00 target price on the semiconductor producer’s stock. Wedbush’s price objective suggests a potential upside of 59.32% from the company’s previous close.

SIMO has been the subject of a number of other reports. Roth Mkm cut their price objective on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, October 8th. Morgan Stanley cut their target price on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. Susquehanna reduced their target price on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a report on Friday, November 1st. Finally, Craig Hallum decreased their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Trading Up 0.7 %

SIMO stock opened at $56.49 on Monday. Silicon Motion Technology has a 1-year low of $50.50 and a 1-year high of $85.87. The stock has a market cap of $1.90 billion, a price-to-earnings ratio of 21.40, a price-to-earnings-growth ratio of 1.61 and a beta of 0.82. The company’s 50 day moving average is $55.16 and its 200 day moving average is $63.66.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share 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 for the quarter, compared to analysts’ expectations of $209.49 million. During the same quarter last year, the company posted $0.32 EPS. The business’s quarterly revenue was up 23.3% on a year-over-year basis. As a group, sell-side analysts forecast that Silicon Motion Technology will post 2.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Silicon Motion Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. Cerity Partners LLC bought a new position in shares of Silicon Motion Technology during the third quarter valued at approximately $1,826,000. Harbor Capital Advisors Inc. raised its holdings in Silicon Motion Technology by 95.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 128,299 shares of the semiconductor producer’s stock worth $7,793,000 after purchasing an additional 62,733 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Silicon Motion Technology by 6,186.7% in the 2nd quarter. National Bank of Canada FI now owns 47,150 shares of the semiconductor producer’s stock worth $3,766,000 after purchasing an additional 46,400 shares during the period. FMR LLC boosted its stake 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 valued at $136,032,000 after purchasing an additional 485,862 shares in the last quarter. Finally, Resolute Capital Asset Partners LLC boosted its stake in shares of Silicon Motion Technology by 44.4% during the 2nd quarter. Resolute Capital Asset Partners LLC now owns 65,000 shares of the semiconductor producer’s stock valued at $5,264,000 after purchasing an additional 20,000 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.