Craig Hallum Boosts Silicon Motion Technology (NASDAQ:SIMO) Price Target to $96.00

Silicon Motion Technology (NASDAQ:SIMO) had its price objective upped by Craig Hallum from $80.00 to $96.00 in a research report released on Monday morning, Marketbeat reports. Craig Hallum currently has a buy rating on the semiconductor producer’s stock.

Several other research analysts have also issued reports on the company. B. Riley boosted their target price on Silicon Motion Technology from $93.00 to $101.00 and gave the company a buy rating in a research report on Wednesday, April 10th. Needham & Company LLC upped their price objective on Silicon Motion Technology from $75.00 to $85.00 and gave the company a buy rating in a research report on Wednesday, April 10th. Morgan Stanley upgraded Silicon Motion Technology from an equal weight rating to an overweight rating and lifted their target price for the stock from $59.00 to $88.00 in a research report on Monday. JPMorgan Chase & Co. upped their price target on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the stock an overweight rating in a report on Thursday, February 8th. Finally, Wedbush reiterated an outperform rating and set a $85.00 price objective on shares of Silicon Motion Technology in a report on Friday, May 3rd. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of Buy and a consensus price target of $91.13.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO opened at $76.90 on Monday. The stock’s fifty day moving average is $75.29 and its 200 day moving average is $66.28. The firm has a market capitalization of $2.59 billion, a PE ratio of 43.69, a PEG ratio of 3.98 and a beta of 0.87. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last released its 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 net margin of 8.34% and a return on equity of 7.77%. Equities analysts forecast that Silicon Motion Technology will post 2.65 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $2.00 annualized dividend and a dividend yield of 2.60%. Silicon Motion Technology’s dividend payout ratio is currently 113.07%.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently modified their holdings of SIMO. Parallel Advisors LLC raised its stake in Silicon Motion Technology by 154.9% in the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after buying an additional 333 shares in the last quarter. Signaturefd LLC raised its position in shares of Silicon Motion Technology by 183.5% in the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock worth $35,000 after acquiring an additional 444 shares in the last quarter. Assetmark Inc. purchased a new stake in shares of Silicon Motion Technology during the 3rd quarter worth $51,000. CVA Family Office LLC bought a new stake in Silicon Motion Technology during the fourth quarter valued at about $65,000. Finally, Covestor Ltd grew its stake in Silicon Motion Technology by 76.9% in the third quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock valued at $92,000 after purchasing an additional 777 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors.

About Silicon Motion Technology

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.