Silicon Motion Technology (NASDAQ:SIMO) Lowered to Hold Rating by StockNews.com

Silicon Motion Technology (NASDAQ:SIMO) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Several other research firms have also commented on SIMO. Needham & Company LLC dropped their price target on shares of Silicon Motion Technology from $94.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Craig Hallum cut their price target on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Roth Mkm dropped their price target on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, October 8th. Susquehanna lowered their price target on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a research note on Friday, November 1st. Finally, Wedbush reissued an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research report on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Stock Up 0.4 %

Shares of SIMO stock traded up $0.21 on Tuesday, hitting $51.06. The stock had a trading volume of 402,844 shares, compared to its average volume of 304,958. The company has a market cap of $1.72 billion, a PE ratio of 19.34, a P/E/G ratio of 1.29 and a beta of 0.80. The business has a 50 day moving average price of $54.60 and a 200 day moving average price of $58.51. Silicon Motion Technology has a one year low of $48.81 and a one year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The company had revenue of $212.40 million during the quarter, compared to the consensus estimate of $209.49 million. During the same period in the previous year, the firm posted $0.32 earnings per share. The firm’s quarterly revenue was up 23.3% on a year-over-year basis. Equities research analysts expect that Silicon Motion Technology will post 2.58 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Cerity Partners LLC purchased a new position in Silicon Motion Technology in the 3rd quarter valued at approximately $1,826,000. JPMorgan Chase & Co. boosted its holdings in Silicon Motion Technology by 21.8% in the third quarter. JPMorgan Chase & Co. now owns 200,016 shares of the semiconductor producer’s stock valued at $12,149,000 after purchasing an additional 35,741 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in Silicon Motion Technology by 95.7% in the third quarter. Harbor Capital Advisors Inc. now owns 128,299 shares of the semiconductor producer’s stock valued at $7,793,000 after purchasing an additional 62,733 shares during the period. FMR LLC increased its holdings in Silicon Motion Technology by 27.7% during the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer’s stock worth $136,032,000 after purchasing an additional 485,862 shares during the period. Finally, Stifel Financial Corp increased its holdings in Silicon Motion Technology by 30.3% during the 3rd quarter. Stifel Financial Corp now owns 12,175 shares of the semiconductor producer’s stock worth $739,000 after purchasing an additional 2,833 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.