Silicon Motion Technology (NASDAQ:SIMO) Rating Reiterated by Wedbush

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Wedbush in a report issued on Wednesday, Benzinga reports. They presently have a $90.00 price target on the semiconductor producer’s stock. Wedbush’s price target would indicate a potential upside of 47.57% from the company’s current price.

SIMO has been the topic of a number of other research reports. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, September 14th. Bank of America lowered Silicon Motion Technology from a “buy” rating to an “underperform” rating and dropped their target price for the company from $90.00 to $60.00 in a report on Friday, August 16th. Needham & Company LLC raised their price objective on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research note on Monday, July 8th. Morgan Stanley reduced their target price on shares of 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. Finally, B. Riley dropped their price target 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. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $85.56.

Silicon Motion Technology Price Performance

SIMO stock opened at $60.99 on Wednesday. The company’s 50-day moving average is $61.05 and its 200-day moving average is $72.17. The stock has a market capitalization of $2.05 billion, a PE ratio of 34.65, a price-to-earnings-growth ratio of 0.97 and a beta of 0.84. Silicon Motion Technology has a 1 year low of $50.85 and a 1 year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The business had revenue of $210.67 million for the quarter, compared to analyst estimates of $206.75 million. During the same quarter in the prior year, the company earned $0.33 earnings per share. The company’s quarterly revenue was up 50.1% on a year-over-year basis. On average, analysts anticipate that Silicon Motion Technology will post 2.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SIMO. SG Americas Securities LLC lifted its stake in Silicon Motion Technology by 0.6% in the third quarter. SG Americas Securities LLC now owns 33,917 shares of the semiconductor producer’s stock valued at $2,060,000 after purchasing an additional 197 shares during the last quarter. Inspire Advisors LLC lifted its position in shares of Silicon Motion Technology by 1.9% during the 2nd quarter. Inspire Advisors LLC now owns 13,074 shares of the semiconductor producer’s stock valued at $1,059,000 after buying an additional 249 shares during the last quarter. Sei Investments Co. lifted its position in shares of Silicon Motion Technology by 0.5% during the 2nd quarter. Sei Investments Co. now owns 56,296 shares of the semiconductor producer’s stock valued at $4,559,000 after buying an additional 257 shares during the last quarter. Parallel Advisors LLC grew 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 during the period. Finally, Naples Global Advisors LLC increased its holdings in Silicon Motion Technology by 3.1% in the 2nd quarter. Naples Global Advisors LLC now owns 17,410 shares of the semiconductor producer’s stock worth $1,410,000 after acquiring an additional 525 shares during the last quarter. 78.02% of the stock is 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.