Silicon Motion Technology Corporation (SIMO) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

According to Zacks, “Silicon Motion continues to benefit from strategic product launches. Additionally, continuing investments on product development will drive growth. The full-year 2017 guidance is positive. We note that the company has underperformed the broader market on a year-to-date basis. Meanwhile, estimates have been stable lately ahead of the Q2 earnings release. The company has positive record of earnings surprises in recent quarters. We expect share price momentum to continue driven by significant improvement in NAND flash supply in second-half 2017. Moreover, strategic product launches and strong commitment toward R&D activities are key catalysts.”

Other analysts also recently issued reports about the stock. Needham & Company LLC reissued a buy rating and set a $56.00 price target (down from $60.00) on shares of Silicon Motion Technology Corporation in a report on Tuesday, April 11th. ValuEngine downgraded shares of Silicon Motion Technology Corporation from a buy rating to a hold rating in a report on Friday, June 16th. B. Riley reaffirmed a buy rating and set a $68.75 price objective on shares of Silicon Motion Technology Corporation in a report on Wednesday, April 26th. Loop Capital reaffirmed a buy rating and set a $61.00 price objective (up from $53.00) on shares of Silicon Motion Technology Corporation in a report on Tuesday, June 6th. Finally, Pacific Crest reaffirmed an overweight rating and set a $62.00 price objective on shares of Silicon Motion Technology Corporation in a report on Wednesday, June 21st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. Silicon Motion Technology Corporation presently has a consensus rating of Hold and an average target price of $57.56.

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) opened at 44.70 on Tuesday. Silicon Motion Technology Corporation has a one year low of $37.37 and a one year high of $56.25. The stock has a market cap of $1.58 billion, a PE ratio of 14.34 and a beta of 0.72. The company has a 50-day moving average of $51.27 and a 200 day moving average of $45.84.

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A number of institutional investors have recently made changes to their positions in the stock. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Silicon Motion Technology Corporation by 5.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,417 shares of the semiconductor producer’s stock valued at $103,000 after buying an additional 119 shares in the last quarter. Sei Investments Co. boosted its position in Silicon Motion Technology Corporation by 4.7% in the first quarter. Sei Investments Co. now owns 6,106 shares of the semiconductor producer’s stock worth $286,000 after buying an additional 275 shares during the period. Envestnet Asset Management Inc. boosted its position in Silicon Motion Technology Corporation by 5.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,940 shares of the semiconductor producer’s stock worth $251,000 after buying an additional 292 shares during the period. Great Lakes Advisors LLC boosted its position in Silicon Motion Technology Corporation by 8.6% in the first quarter. Great Lakes Advisors LLC now owns 6,753 shares of the semiconductor producer’s stock worth $316,000 after buying an additional 535 shares during the period. Finally, A.R.T. Advisors LLC boosted its position in Silicon Motion Technology Corporation by 6.2% in the fourth quarter. A.R.T. Advisors LLC now owns 12,000 shares of the semiconductor producer’s stock worth $509,000 after buying an additional 700 shares during the period. 79.86% of the stock is currently owned by institutional investors.

Silicon Motion Technology Corporation Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

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Analyst Recommendations for Silicon Motion Technology Corporation (NASDAQ:SIMO)

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