StockNews.com Upgrades Silicon Motion Technology (NASDAQ:SIMO) to “Buy”

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

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lifted their target price 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. B. Riley boosted their price objective on Silicon Motion Technology from $93.00 to $101.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Wedbush reaffirmed an “outperform” rating and issued a $85.00 target price on shares of Silicon Motion Technology in a research report on Friday. Craig Hallum lifted their price target on Silicon Motion Technology from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. Finally, 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 report on Wednesday, April 10th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $87.57.

Silicon Motion Technology Stock Up 0.8 %

NASDAQ:SIMO opened at $73.96 on Friday. Silicon Motion Technology has a 12-month low of $49.50 and a 12-month high of $95.33. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 42.02, a P/E/G ratio of 3.98 and a beta of 0.87. The stock’s 50 day moving average price is $74.63 and its two-hundred day moving average price is $65.71.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SIMO. Parallel Advisors LLC boosted its holdings in shares of Silicon Motion Technology by 154.9% in the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after purchasing an additional 333 shares in the last quarter. Signaturefd LLC raised its stake in Silicon Motion Technology by 183.5% during the third 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. acquired a new position in Silicon Motion Technology during the third quarter worth about $51,000. CVA Family Office LLC acquired a new stake in shares of Silicon Motion Technology in the 4th quarter valued at approximately $65,000. Finally, Covestor Ltd boosted its stake in shares of 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 purchasing an additional 777 shares in the last quarter. 78.02% of the stock is 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.