Silicon Motion Technology Corporation (NASDAQ:SIMO) Given Consensus Rating of “Buy” by Analysts

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have received an average recommendation of “Buy” from the ten brokerages that are currently covering the company, Marketbeat Ratings reports. Nine analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $341.4286.

SIMO has been the topic of a number of research analyst reports. Needham & Company LLC boosted their target price on Silicon Motion Technology from $240.00 to $355.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Wedbush raised their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Wall Street Zen downgraded Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. Roth Capital reaffirmed a “buy” rating and set a $350.00 price objective on shares of Silicon Motion Technology in a report on Thursday, July 30th. Finally, B. Riley Financial increased their target price on Silicon Motion Technology from $312.00 to $350.00 and gave the company a “buy” rating in a research report on Friday, July 31st.

Silicon Motion Technology Stock Performance

SIMO stock opened at $242.51 on Thursday. The company’s fifty day moving average price is $270.84 and its 200-day moving average price is $218.20. Silicon Motion Technology has a one year low of $77.91 and a one year high of $355.00. The company has a market capitalization of $8.22 billion, a PE ratio of 28.43, a price-to-earnings-growth ratio of 0.41 and a beta of 1.71.

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

Insider Transactions at Silicon Motion Technology

In related news, Director Kuan-Ming Lin sold 2,000 shares of Silicon Motion Technology stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total value of $610,000.00. Following the completion of the transaction, the director owned 8,500 shares in the company, valued at approximately $2,592,500. This trade represents a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Han-Ping Shieh sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total value of $328,000.00. Following the sale, the director directly owned 7,500 shares in the company, valued at $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 5.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SIMO. Brown Brothers Harriman & Co. bought a new stake in shares of Silicon Motion Technology in the 3rd quarter worth about $26,000. Cooper Investors PTY Ltd. purchased a new position in shares of Silicon Motion Technology during the second quarter valued at approximately $34,000. Arax Advisory Partners raised its holdings in shares of Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after buying an additional 307 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after buying an additional 366 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Silicon Motion Technology during the 2nd quarter worth approximately $75,000. 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.