Silicon Motion Technology (NASDAQ:SIMO) Lifted to “Buy” at StockNews.com

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

A number of other equities analysts have also weighed in on the stock. Needham & Company LLC increased their target price on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Craig Hallum boosted their target price on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Wedbush reaffirmed an “outperform” rating and issued a $85.00 price target on shares of Silicon Motion Technology in a report on Friday. B. Riley upped their price target on Silicon Motion Technology from $93.00 to $101.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $87.57.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO traded up $0.55 during mid-day trading on Friday, reaching $73.96. 1,200,142 shares of the company’s stock were exchanged, compared to its average volume of 443,884. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 46.81, a price-to-earnings-growth ratio of 3.86 and a beta of 0.87. The firm has a 50-day moving average price of $74.63 and a two-hundred day moving average price of $65.64. Silicon Motion Technology has a 52 week low of $49.50 and a 52 week high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.27% and a return on equity of 7.01%. The firm had revenue of $202.38 million for the quarter, compared to analysts’ expectations of $197.60 million. As a group, sell-side analysts forecast that Silicon Motion Technology will post 2.65 EPS for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors and hedge funds have recently bought and sold shares of SIMO. Alpine Associates Management Inc. lifted its position in Silicon Motion Technology by 0.3% in the fourth quarter. Alpine Associates Management Inc. now owns 955,514 shares of the semiconductor producer’s stock valued at $58,544,000 after purchasing an additional 3,300 shares during the last quarter. Hawk Ridge Capital Management LP boosted its position in Silicon Motion Technology by 63.1% during the 3rd quarter. Hawk Ridge Capital Management LP now owns 944,559 shares of the semiconductor producer’s stock valued at $48,409,000 after buying an additional 365,461 shares during the period. Segantii Capital Management Ltd grew its holdings in Silicon Motion Technology by 178.0% in the 3rd quarter. Segantii Capital Management Ltd now owns 833,991 shares of the semiconductor producer’s stock worth $42,742,000 after acquiring an additional 533,991 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Silicon Motion Technology by 1,250.9% in the third quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock valued at $41,989,000 after acquiring an additional 758,640 shares during the period. Finally, Cooper Creek Partners Management LLC raised its stake in shares of Silicon Motion Technology by 771.4% during the third quarter. Cooper Creek Partners Management LLC now owns 760,554 shares of the semiconductor producer’s stock valued at $38,978,000 after acquiring an additional 673,278 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors.

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.