Silicon Motion Technology (NASDAQ:SIMO) Rating Increased to Overweight at Morgan Stanley

Silicon Motion Technology (NASDAQ:SIMO) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Monday, Marketbeat reports. The brokerage currently has a $88.00 price objective on the semiconductor producer’s stock, up from their previous price objective of $59.00. Morgan Stanley’s price objective points to a potential upside of 11.06% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Craig Hallum upped their target price on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. JPMorgan Chase & Co. upped 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. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Wedbush reaffirmed an “outperform” rating and issued a $85.00 target price on shares of Silicon Motion Technology in a report on Friday, May 3rd. Finally, 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 report on Wednesday, April 10th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $91.13.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock opened at $79.24 on Monday. The firm has a market capitalization of $2.67 billion, a PE ratio of 45.02, a price-to-earnings-growth ratio of 3.98 and a beta of 0.87. The company’s fifty day moving average price is $75.00 and its two-hundred day moving average price is $66.12. Silicon Motion Technology has a 52-week low of $49.50 and a 52-week high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.12. The firm had revenue of $202.38 million for the quarter, compared to analyst estimates of $197.60 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. Analysts predict that Silicon Motion Technology will post 2.65 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its position in Silicon Motion Technology by 154.9% during 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 during the period. Signaturefd LLC lifted its position in Silicon Motion Technology by 183.5% during the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after purchasing an additional 444 shares during the period. Assetmark Inc. acquired a new position in Silicon Motion Technology during the 3rd quarter valued at about $51,000. CVA Family Office LLC acquired a new position in Silicon Motion Technology during the 4th quarter valued at about $65,000. Finally, Covestor Ltd lifted its position in Silicon Motion Technology by 76.9% during 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 during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

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.