Silicon Motion Technology Corporation (NASDAQ:SIMO) Receives $246.43 Average Target Price from Analysts

Silicon Motion Technology Corporation (NASDAQ:SIMO) has earned a consensus recommendation of “Buy” from the ten brokerages that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $246.4286.

A number of equities research analysts have issued reports on the stock. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Roth Capital restated a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. Craig Hallum reaffirmed a “buy” rating and set a $250.00 price target on shares of Silicon Motion Technology in a report on Thursday, April 30th. Wedbush increased their price target on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Finally, Weiss Ratings cut shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th.

Insiders Place Their Bets

In related news, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the completion of the sale, the director directly owned 8,500 shares in the company, valued at $2,592,500. This represents a 19.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Han-Ping Shieh sold 1,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $328.00, for a total value of $328,000.00. Following the completion of the sale, the director directly owned 7,500 shares in the company, valued at $2,460,000. This trade represents a 11.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 4,000 shares of company stock worth $1,239,250. Company insiders own 5.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SIMO. Brown Brothers Harriman & Co. bought a new position in shares of Silicon Motion Technology in the third quarter worth about $26,000. WealthCollab LLC grew its holdings in shares of Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after purchasing an additional 151 shares during the last quarter. Cooper Investors PTY Ltd. bought a new stake in shares of Silicon Motion Technology during the 2nd quarter valued at approximately $34,000. Arax Advisory Partners increased its position in Silicon Motion Technology by 220.9% during the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after purchasing an additional 307 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 366 shares in the last quarter. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO opened at $308.41 on Wednesday. The company has a market cap of $10.46 billion, a price-to-earnings ratio of 61.31, a PEG ratio of 0.66 and a beta of 1.70. Silicon Motion Technology has a fifty-two week low of $70.12 and a fifty-two week high of $355.00. The stock has a fifty day moving average price of $288.05 and a 200-day moving average price of $182.50.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.27. The company had revenue of $342.11 million for the quarter, compared to analysts’ expectations of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.Silicon Motion Technology’s revenue was up 105.5% on a year-over-year basis. During the same quarter last year, the business earned $0.60 earnings per share. Research analysts predict that Silicon Motion Technology will post 8.48 EPS for the current fiscal year.

Silicon Motion Technology Company Profile

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.