Silicon Motion Technology Co. (NASDAQ:SIMO) Receives $91.00 Average Price Target from Brokerages

Silicon Motion Technology Co. (NASDAQ:SIMO) has earned a consensus recommendation of “Buy” from the eight research firms that are covering the firm, Marketbeat.com reports. Eight investment analysts have rated the stock with a buy recommendation. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $91.00.

A number of research analysts have recently issued reports on SIMO shares. Morgan Stanley upgraded shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $59.00 to $88.00 in a research note on Monday, May 6th. Needham & Company LLC boosted their price target on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. Susquehanna boosted their price target on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a research note on Monday, May 6th. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Finally, Wedbush reiterated an “outperform” rating and set a $85.00 price target on shares of Silicon Motion Technology in a research note on Friday, May 3rd.

Institutional Trading of Silicon Motion Technology

Several large investors have recently modified their holdings of the business. Parallel Advisors LLC lifted its stake in Silicon Motion Technology by 154.9% in the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after buying an additional 333 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Silicon Motion Technology by 3,971.4% in the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after acquiring an additional 556 shares in the last quarter. Assetmark Inc. lifted its position in shares of Silicon Motion Technology by 34.5% in the fourth quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after acquiring an additional 342 shares in the last quarter. Barometer Capital Management Inc. acquired a new stake in shares of Silicon Motion Technology during the fourth quarter valued at $123,000. Finally, Headlands Technologies LLC purchased a new stake in Silicon Motion Technology during the 2nd quarter worth about $139,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $59.92 on Wednesday. The stock has a fifty day moving average price of $76.52 and a 200 day moving average price of $74.34. Silicon Motion Technology has a 1-year low of $49.50 and a 1-year high of $85.87. The company has a market cap of $2.02 billion, a PE ratio of 34.05, a P/E/G ratio of 0.53 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, topping the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The company had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. During the same quarter last year, the business earned $0.33 EPS. The business’s revenue was up 50.1% on a year-over-year basis. Analysts anticipate that Silicon Motion Technology will post 2.85 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend is Thursday, August 8th. Silicon Motion Technology’s payout ratio is currently 113.07%.

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.