Silicon Motion Technology (NASDAQ:SIMO) Upgraded by StockNews.com to Buy

Silicon Motion Technology (NASDAQ:SIMO) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Friday.

A number of other research analysts have also recently commented on the stock. Craig Hallum increased their price target on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Needham & Company LLC increased their target price on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. B. Riley boosted their price target on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. raised their price objective on Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Finally, Wedbush reissued an “outperform” rating and issued a $85.00 target price on shares of Silicon Motion Technology in a research note on Friday. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $87.57.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $73.96 on Friday. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $95.33. The stock has a market cap of $2.44 billion, a P/E ratio of 42.02, a price-to-earnings-growth ratio of 3.98 and a beta of 0.87. The firm’s fifty day moving average price is $74.63 and its 200-day moving average price is $65.71.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.12. The firm had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. Silicon Motion Technology had a return on equity of 7.77% and a net margin of 8.34%. On average, analysts predict that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

A number of large investors have recently made changes to their positions in the business. Wellington Management Group LLP boosted its stake in shares of Silicon Motion Technology by 1,250.9% during the 3rd quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock valued at $41,989,000 after purchasing an additional 758,640 shares in the last quarter. Kodai Capital Management LP purchased a new position in shares of Silicon Motion Technology during the 4th quarter worth approximately $44,073,000. Cooper Creek Partners Management LLC raised its position in shares of Silicon Motion Technology by 771.4% in the 3rd quarter. Cooper Creek Partners Management LLC now owns 760,554 shares of the semiconductor producer’s stock worth $38,978,000 after acquiring an additional 673,278 shares in the last quarter. Invesco Ltd. bought a new position in shares of Silicon Motion Technology in the 3rd quarter worth approximately $32,024,000. Finally, Segantii Capital Management Ltd lifted its stake in shares of Silicon Motion Technology by 178.0% in the 3rd quarter. Segantii Capital Management Ltd now owns 833,991 shares of the semiconductor producer’s stock valued at $42,742,000 after purchasing an additional 533,991 shares during the period. 78.02% of the stock is currently owned by institutional investors.

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.