Silicon Motion Technology (NASDAQ:SIMO) Rating Reiterated by Wedbush

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “outperform” rating reiterated by analysts at Wedbush in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $85.00 target price on the semiconductor producer’s stock. Wedbush’s target price would suggest a potential upside of 14.42% from the company’s current price.

Other analysts have also issued reports about the company. Craig Hallum lifted their price target on Silicon Motion Technology from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. B. Riley lifted their price objective on Silicon Motion Technology from $93.00 to $101.00 and gave the stock 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. Finally, JPMorgan Chase & Co. increased their price target 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. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $87.57.

Silicon Motion Technology Trading Up 1.2 %

Silicon Motion Technology stock traded up $0.89 during midday trading on Friday, reaching $74.29. 710,691 shares of the stock traded hands, compared to its average volume of 437,824. Silicon Motion Technology has a 12-month low of $49.50 and a 12-month high of $95.33. The company has a 50-day simple moving average of $74.53 and a two-hundred day simple moving average of $65.51. The firm has a market cap of $2.46 billion, a PE ratio of 47.32, a price-to-earnings-growth ratio of 3.86 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a return on equity of 7.01% and a net margin of 8.27%. The firm had revenue of $202.38 million during the quarter, compared to analysts’ expectations of $197.60 million. Equities research analysts anticipate that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors have recently modified their holdings of the business. Parallel Advisors LLC increased its stake in shares of Silicon Motion Technology by 154.9% during the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after purchasing an additional 333 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Silicon Motion Technology by 0.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 73,150 shares of the semiconductor producer’s stock valued at $4,482,000 after acquiring an additional 341 shares in the last quarter. Assetmark Inc. increased its position in Silicon Motion Technology by 34.5% in the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after acquiring an additional 342 shares in the last quarter. Signaturefd LLC increased its position in Silicon Motion Technology by 183.5% in the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after acquiring an additional 444 shares in the last quarter. Finally, Covestor Ltd increased its position in Silicon Motion Technology by 76.9% in the 3rd quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock valued at $92,000 after acquiring an additional 777 shares in the last quarter. Institutional investors own 78.02% of the company’s stock.

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.