Silicon Motion Technology (NASDAQ:SIMO) Price Target Increased to $96.00 by Analysts at Craig Hallum

Silicon Motion Technology (NASDAQ:SIMO) had its price target increased by stock analysts at Craig Hallum from $80.00 to $96.00 in a note issued to investors on Monday, Briefing.com reports. The brokerage presently has a “buy” rating on the semiconductor producer’s stock. Craig Hallum’s price target would suggest a potential upside of 29.80% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday. Morgan Stanley raised shares of 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 report on Monday. Wedbush reissued an “outperform” rating and issued a $85.00 price target on shares of Silicon Motion Technology in a research note on Friday. JPMorgan Chase & Co. upped their price objective on Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 8th. Finally, Needham & Company LLC raised their target price on Silicon Motion Technology from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Silicon Motion Technology currently has a consensus rating of “Buy” and an average target price of $89.63.

Silicon Motion Technology Price Performance

SIMO opened at $73.96 on Monday. The firm’s fifty day moving average price is $74.63 and its two-hundred day moving average price is $65.79. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $95.33. The company has a market capitalization of $2.49 billion, a P/E ratio of 42.02, a P/E/G ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 EPS for the quarter, beating the consensus estimate 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. On average, equities research analysts expect that Silicon Motion Technology will post 2.65 EPS for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

Several hedge funds and other institutional investors have recently made changes to their positions in SIMO. Lester Murray Antman dba SimplyRich acquired a new stake in Silicon Motion Technology in the 1st quarter valued at about $220,000. Easterly Investment Partners LLC grew its stake in shares of Silicon Motion Technology by 0.9% in the first quarter. Easterly Investment Partners LLC now owns 246,397 shares of the semiconductor producer’s stock valued at $18,958,000 after acquiring an additional 2,128 shares in the last quarter. Chase Investment Counsel Corp bought a new position in Silicon Motion Technology during the first quarter worth about $2,303,000. Janney Montgomery Scott LLC raised its stake in Silicon Motion Technology by 14.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 83,663 shares of the semiconductor producer’s stock worth $6,437,000 after purchasing an additional 10,513 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Silicon Motion Technology by 69.7% in the 1st quarter. BNP Paribas Financial Markets now owns 8,400 shares of the semiconductor producer’s stock valued at $646,000 after purchasing an additional 3,449 shares during the period. 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.