Silicon Motion Technology (NASDAQ:SIMO) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a buy rating to a strong-buy rating in a report released on Saturday morning.

Several other brokerages have also recently weighed in on SIMO. Susquehanna raised their price objective on Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a research note on Friday. Weiss Ratings downgraded shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Needham & Company LLC increased their target price on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Roth Capital reissued a “buy” rating and set a $350.00 price target on shares of Silicon Motion Technology in a research report on Thursday. Finally, Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Silicon Motion Technology currently has an average rating of “Buy” and a consensus price target of $341.43.

Silicon Motion Technology Stock Down 0.8%

SIMO stock opened at $251.52 on Friday. Silicon Motion Technology has a twelve month low of $71.35 and a twelve month high of $355.00. The stock’s 50 day moving average is $288.37 and its 200-day moving average is $198.19. The firm has a market capitalization of $8.53 billion, a PE ratio of 29.49, a P/E/G ratio of 0.53 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.30. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The company had revenue of $451.00 million for the quarter, compared to analysts’ expectations of $403.41 million. During the same quarter in the previous year, the firm earned $0.69 earnings per share. Silicon Motion Technology’s quarterly revenue was up 127.0% on a year-over-year basis. On average, equities research analysts anticipate that Silicon Motion Technology will post 9.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Han-Ping Shieh sold 1,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the sale, the director directly owned 7,500 shares of the company’s stock, valued at $2,460,000. This trade represents a 11.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of Silicon Motion Technology stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total value of $610,000.00. Following the sale, the director owned 8,500 shares in the company, valued at $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,000 shares of company stock valued at $1,239,250 in the last 90 days. Corporate insiders own 5.34% of the company’s stock.

Institutional Trading of Silicon Motion Technology

A number of large investors have recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. purchased a new position in Silicon Motion Technology in the third quarter valued at about $26,000. WealthCollab LLC raised its holdings in shares of Silicon Motion Technology by 77.4% in the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after purchasing an additional 151 shares during the period. Cooper Investors PTY Ltd. bought a new stake in shares of Silicon Motion Technology in the 2nd quarter worth approximately $34,000. Arax Advisory Partners lifted its stake in Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after purchasing an additional 307 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 366 shares during 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.