Silicon Motion Technology (NASDAQ:SIMO) Downgraded to “Buy” Rating by Wall Street Zen

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

Several other brokerages have also recently weighed in on SIMO. Susquehanna increased their target price on Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a report on Friday, July 31st. Needham & Company LLC lifted their price target on Silicon Motion Technology from $240.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Craig Hallum reissued a “buy” rating and set a $325.00 price objective on shares of Silicon Motion Technology in a research note on Friday, July 31st. Finally, JPMorgan Chase & Co. raised their target price on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $341.43.

Silicon Motion Technology Stock Performance

Shares of Silicon Motion Technology stock opened at $268.90 on Friday. Silicon Motion Technology has a 52-week low of $71.35 and a 52-week high of $355.00. The company has a fifty day moving average of $282.15 and a 200-day moving average of $206.19. The stock has a market capitalization of $9.12 billion, a price-to-earnings ratio of 31.52, a price-to-earnings-growth ratio of 0.47 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $451.00 million for the quarter, compared to analysts’ expectations of $403.41 million. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The firm’s revenue was up 127.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.69 EPS. On average, equities research analysts forecast that Silicon Motion Technology will post 10.78 earnings per share for the current fiscal year.

Insider Transactions at Silicon Motion Technology

In related news, Director Han-Ping Shieh sold 1,000 shares of the 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 transaction, the director directly owned 7,500 shares of the company’s stock, valued at $2,460,000. This represents a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction dated 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 transaction, the director directly owned 8,500 shares of the company’s stock, valued at approximately $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 4,000 shares of company stock worth $1,239,250 in the last ninety days. Insiders own 5.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Kornitzer Capital Management Inc. KS purchased a new position in Silicon Motion Technology in the first quarter worth about $4,827,000. Schwartz Investment Counsel Inc. grew its holdings in shares of Silicon Motion Technology by 36.4% during the first quarter. Schwartz Investment Counsel Inc. now owns 300,000 shares of the semiconductor producer’s stock valued at $33,687,000 after buying an additional 80,000 shares during the last quarter. AIGH Capital Management LLC purchased a new stake in shares of Silicon Motion Technology during the first quarter valued at approximately $22,458,000. Calamos Advisors LLC bought a new stake in shares of Silicon Motion Technology during the first quarter valued at approximately $2,686,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Silicon Motion Technology during the first quarter valued at approximately $496,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.