Silicon Motion Technology Corporation (NASDAQ:SIMO) Stock Has Average Price Target of $341.43

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have been given an average recommendation of “Moderate Buy” by the ten ratings firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $341.43.

A number of equities research analysts have recently commented on the company. Wall Street Zen cut Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. B. Riley Financial lifted their price target on Silicon Motion Technology from $312.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Craig Hallum reiterated a “buy” rating and issued a $325.00 price target on shares of Silicon Motion Technology in a research note on Friday, July 31st. Roth Capital reissued a “buy” rating and set a $350.00 price objective on shares of Silicon Motion Technology in a research report on Thursday, July 30th. Finally, Weiss Ratings downgraded shares of Silicon Motion Technology from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Kornitzer Capital Management Inc. KS bought a new position in shares of Silicon Motion Technology during the first quarter valued at $4,827,000. Schwartz Investment Counsel Inc. boosted its position 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 bought a new stake in Silicon Motion Technology in the 1st quarter worth about $22,458,000. Calamos Advisors LLC bought a new stake in Silicon Motion Technology in the 1st quarter worth about $2,686,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Silicon Motion Technology in the 1st quarter worth about $496,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Down 1.6%

Shares of SIMO opened at $213.70 on Friday. The stock has a market cap of $7.25 billion, a P/E ratio of 25.47, a P/E/G ratio of 0.38 and a beta of 1.69. The business’s 50 day moving average price is $256.55 and its 200-day moving average price is $250.42. Silicon Motion Technology has a 52 week low of $79.76 and a 52 week high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $451.00 million during the quarter, compared to analyst estimates of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%. The firm’s revenue for the quarter was up 127.0% on a year-over-year basis. During the same quarter last year, the company earned $0.69 EPS. On average, equities analysts anticipate that Silicon Motion Technology will post 10.60 EPS for the current year.

About Silicon Motion Technology

Silicon Motion Technology Corporation is a fabless semiconductor company that designs, develops and markets NAND flash storage controllers. Its products manage the storage, performance, reliability and power consumption of data stored in NAND flash memory and are used in a range of consumer, mobile, computing and industrial applications.

The company’s product portfolio includes controllers for solid-state drives (SSDs), embedded storage products such as eMMC and UFS devices, and other flash-based storage solutions.