Susquehanna Raises Silicon Motion Technology (NASDAQ:SIMO) Price Target to $110.00

Silicon Motion Technology (NASDAQ:SIMO) had its target price hoisted by Susquehanna from $100.00 to $110.00 in a research report released on Monday morning, Benzinga reports. They currently have a positive rating on the semiconductor producer’s stock.

Several other analysts have also recently commented on the company. Wedbush reaffirmed an outperform rating and issued a $85.00 target price on shares of Silicon Motion Technology in a research report on Friday, May 3rd. Morgan Stanley raised shares of Silicon Motion Technology from an equal weight rating to an overweight rating and increased their price target for the stock from $59.00 to $88.00 in a research report on Monday. B. Riley raised their price target on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the stock a buy rating in a report on Wednesday, April 10th. Craig Hallum upped their price objective on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the company a buy rating in a research note on Monday. Finally, StockNews.com raised shares of Silicon Motion Technology from a hold rating to a buy rating in a research note on Friday, May 3rd. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of Buy and an average price target of $91.13.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock opened at $76.90 on Monday. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $95.33. The firm’s 50 day simple moving average is $75.29 and its 200-day simple moving average is $66.28. The company has a market cap of $2.59 billion, a P/E ratio of 43.69, a price-to-earnings-growth ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. The firm had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. On average, analysts expect that Silicon Motion Technology will post 2.65 EPS for the current fiscal year.

Silicon Motion Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th will be issued a dividend of $0.50 per share. The ex-dividend date is Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.60%. Silicon Motion Technology’s dividend payout ratio is currently 113.07%.

Hedge Funds Weigh In On Silicon Motion Technology

Several hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC boosted its stake in shares of 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 acquiring an additional 333 shares in the last quarter. Signaturefd LLC grew its holdings in Silicon Motion Technology by 183.5% during the third quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after purchasing an additional 444 shares during the last quarter. Assetmark Inc. acquired a new stake in shares of Silicon Motion Technology in the third quarter worth $51,000. CVA Family Office LLC bought a new stake in shares of Silicon Motion Technology during the 4th quarter worth $65,000. Finally, Covestor Ltd grew its stake in Silicon Motion Technology by 76.9% in the 3rd quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock valued at $92,000 after buying an additional 777 shares during the last quarter. 78.02% of the stock is 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.