Brokerages Set Silicon Motion Technology Co. (NASDAQ:SIMO) Price Target at $75.88

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) have earned an average rating of “Moderate Buy” from the eight ratings firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $75.88.

Several brokerages have weighed in on SIMO. Wedbush reiterated an “outperform” rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. StockNews.com downgraded Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Bank of America raised Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price target for the company in a report on Wednesday, April 23rd. B. Riley raised their price target on Silicon Motion Technology from $70.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 1st. Finally, Needham & Company LLC reduced their price target on Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, April 30th.

Institutional Investors Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in SIMO. SG Capital Management LLC purchased a new stake in shares of Silicon Motion Technology in the fourth quarter valued at $15,006,000. Pertento Partners LLP grew its position in Silicon Motion Technology by 31.2% during the fourth quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer’s stock valued at $63,072,000 after acquiring an additional 277,462 shares during the period. Reinhart Partners LLC. grew its position in Silicon Motion Technology by 20.1% during the first quarter. Reinhart Partners LLC. now owns 1,364,291 shares of the semiconductor producer’s stock valued at $68,979,000 after acquiring an additional 228,553 shares during the period. Wellington Management Group LLP grew its position in Silicon Motion Technology by 40.1% during the fourth quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer’s stock valued at $43,088,000 after acquiring an additional 228,333 shares during the period. Finally, Lord Abbett & CO. LLC grew its position in Silicon Motion Technology by 20.0% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer’s stock valued at $71,612,000 after acquiring an additional 221,017 shares during the period. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

SIMO opened at $53.54 on Friday. Silicon Motion Technology has a one year low of $37.21 and a one year high of $85.87. The company has a market cap of $1.82 billion, a P/E ratio of 19.90, a PEG ratio of 1.36 and a beta of 0.72. The business’s 50-day simple moving average is $48.08 and its 200-day simple moving average is $52.39.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.16. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The firm had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. During the same quarter last year, the business posted $0.64 EPS. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. As a group, analysts predict that Silicon Motion Technology will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology announced that its Board of Directors has approved a share buyback plan on Wednesday, February 5th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the semiconductor producer to buy up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.