Silicon Motion Technology Corporation (NASDAQ:SIMO) Stock Has Average Target Price of $328.75

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have received a consensus rating of “Moderate Buy” from the eleven brokerages that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $328.75.

Several equities research analysts have weighed in on SIMO shares. Zacks Research lowered shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Susquehanna upped their price objective on Silicon Motion Technology from $275.00 to $350.00 and gave the stock a “positive” rating in a research note on Friday, July 31st. Craig Hallum reissued a “buy” rating and issued a $325.00 target price on shares of Silicon Motion Technology in a research note on Friday, July 31st. Needham & Company LLC upped their target price on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, China Renaissance started coverage on shares of Silicon Motion Technology in a research note on Wednesday, October 28th. They issued a “buy” rating and a $300.00 target price for the company.

Silicon Motion Technology Stock Down 2.3%

Shares of NASDAQ:SIMO opened at $179.50 on Tuesday. The company has a debt-to-equity ratio of 1.00, a current ratio of 5.68 and a quick ratio of 3.65. The stock has a market cap of $6.09 billion, a price-to-earnings ratio of 19.79, a P/E/G ratio of 0.33 and a beta of 1.78. The company has a 50 day moving average of $236.07 and a 200-day moving average of $216.39. Silicon Motion Technology has a one year low of $79.76 and a one year high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Wednesday, October 28th. The semiconductor producer reported $4.35 earnings per share for the quarter, beating the consensus estimate of $3.30 by $1.05. Silicon Motion Technology had a net margin of 19.36% and a return on equity of 32.29%. The business had revenue of $560.22 million for the quarter, compared to analyst estimates of $529.10 million. During the same period in the prior year, the business posted $1.00 earnings per share. Silicon Motion Technology’s revenue was up 131.5% compared to the same quarter last year. On average, sell-side analysts forecast that Silicon Motion Technology will post 10.20 earnings per share for the current year.

Silicon Motion Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 5th will be issued a dividend of $0.5750 per share. This represents a $2.30 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, November 5th. This is a boost from Silicon Motion Technology’s previous quarterly dividend of $0.50. Silicon Motion Technology’s payout ratio is presently 24.68%.

Institutional Investors Weigh In On Silicon Motion Technology

Hedge funds have recently added to or reduced their stakes in the business. Cooper Investors PTY Ltd. acquired a new position in shares of Silicon Motion Technology in the second quarter valued at $34,000. Reyes Financial Architecture Inc. acquired a new stake in shares of Silicon Motion Technology during the 3rd quarter worth about $58,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Silicon Motion Technology during the 2nd quarter worth about $88,000. Hantz Financial Services Inc. boosted its holdings in shares of Silicon Motion Technology by 1,766.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 392 shares of the semiconductor producer’s stock worth $110,000 after buying an additional 371 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Silicon Motion Technology by 78.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,159 shares of the semiconductor producer’s stock worth $130,000 after buying an additional 511 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation is a fabless semiconductor company that designs and markets NAND flash controllers and related storage solutions. Its products help manage data storage and retrieval in devices that use NAND flash memory. The company’s offerings include controllers for solid-state drives (SSDs), embedded storage such as eMMC and UFS, and removable storage products including memory cards and USB flash drives. Silicon Motion also develops firmware and other technologies for storage applications.