Needham & Company LLC Reaffirms Buy Rating for Silicon Motion Technology (NASDAQ:SIMO)

Needham & Company LLC restated their buy rating on shares of Silicon Motion Technology (NASDAQ:SIMO) in a research note published on Monday, Benzinga reports. They currently have a $85.00 price objective on the semiconductor producer’s stock.

Other equities analysts have also issued research reports about the company. Craig Hallum lifted their price target on Silicon Motion Technology from $80.00 to $96.00 and gave the stock a buy rating in a research report on Monday. B. Riley upped their target price on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. increased their price target on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an overweight rating in a report on Thursday, February 8th. Morgan Stanley upgraded shares of Silicon Motion Technology from an equal weight rating to an overweight rating and boosted their price objective for the stock from $59.00 to $88.00 in a report on Monday. Finally, StockNews.com upgraded Silicon Motion Technology from a hold rating to a buy rating in a research note on Friday, May 3rd. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of Buy and a consensus target price of $91.13.

Silicon Motion Technology Stock Performance

SIMO stock opened at $78.72 on Monday. The firm has a 50 day moving average price of $75.17 and a 200-day moving average price of $66.21. Silicon Motion Technology has a 52-week low of $49.50 and a 52-week high of $95.33. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 44.73, a PEG ratio of 3.98 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 earnings per share for the quarter, beating 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 company had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. As a group, sell-side analysts forecast that Silicon Motion Technology will post 2.65 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be given a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $2.00 annualized dividend and a yield of 2.54%. Silicon Motion Technology’s payout ratio is 113.07%.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC grew its position in Silicon Motion Technology by 154.9% during the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after buying an additional 333 shares during the period. Signaturefd LLC boosted its stake in shares of Silicon Motion Technology by 183.5% during the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock worth $35,000 after acquiring an additional 444 shares during the last quarter. Assetmark Inc. bought a new stake in shares of Silicon Motion Technology during the 3rd quarter valued at $51,000. CVA Family Office LLC bought a new position in Silicon Motion Technology in the 4th quarter worth $65,000. Finally, Covestor Ltd lifted its position in Silicon Motion Technology by 76.9% during 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 in the last quarter. Hedge funds and other 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.