Silicon Motion Technology (NASDAQ:SIMO) Stock Rating Reaffirmed by Needham & Company LLC

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $85.00 price objective on the semiconductor producer’s stock. Needham & Company LLC’s price target suggests a potential upside of 7.27% from the company’s previous close.

Several other research analysts have also recently issued reports on SIMO. Craig Hallum lifted their target price on Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a research report on Monday. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. increased their target price 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. Wedbush restated an “outperform” rating and set a $85.00 price target on shares of Silicon Motion Technology in a report on Friday, May 3rd. Finally, B. Riley upped their price objective on shares of Silicon Motion Technology from $93.00 to $101.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $91.13.

Silicon Motion Technology Stock Up 0.8 %

Shares of SIMO opened at $79.24 on Monday. The business’s fifty day moving average is $75.00 and its 200 day moving average is $66.12. Silicon Motion Technology has a 12-month low of $49.50 and a 12-month high of $95.33. The stock has a market cap of $2.67 billion, a P/E ratio of 45.02, a P/E/G ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last released 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 net margin of 8.34% and a return on equity of 7.77%. The firm had revenue of $202.38 million for the quarter, compared to analyst estimates of $197.60 million. On average, analysts expect that Silicon Motion Technology will post 2.65 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SIMO. Parallel Advisors LLC lifted its stake in Silicon Motion Technology by 154.9% in the fourth 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 last quarter. Signaturefd LLC raised its stake in shares of Silicon Motion Technology by 183.5% in the third quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after buying an additional 444 shares during the period. Assetmark Inc. purchased a new position in shares of Silicon Motion Technology during the 3rd quarter valued at $51,000. CVA Family Office LLC bought a new position in shares of Silicon Motion Technology during the 4th quarter worth $65,000. Finally, Covestor Ltd increased its holdings in Silicon Motion Technology by 76.9% in the 3rd quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock worth $92,000 after acquiring an additional 777 shares during the last quarter. 78.02% of the stock is owned by institutional investors.

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.