Roth Capital Cuts Silicon Motion Technology (NASDAQ:SIMO) Price Target to $45.00

Silicon Motion Technology (NASDAQ:SIMO) had its target price reduced by Roth Capital from $50.00 to $45.00 in a research report report published on Thursday morning, The Fly reports. They currently have a buy rating on the semiconductor producer’s stock.

SIMO has been the subject of a number of other research reports. Morgan Stanley downgraded Silicon Motion Technology from an equal weight rating to an underweight rating in a report on Monday, April 22nd. JPMorgan Chase & Co. downgraded Silicon Motion Technology from an overweight rating to a neutral rating and decreased their price target for the company from $50.00 to $40.00 in a report on Thursday. B. Riley boosted their price target on Silicon Motion Technology from $52.00 to $55.00 and gave the company a buy rating in a report on Monday, May 6th. BidaskClub downgraded Silicon Motion Technology from a buy rating to a hold rating in a report on Wednesday, July 17th. Finally, Cowen reissued an outperform rating and issued a $42.00 price target (down from $45.00) on shares of Silicon Motion Technology in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. Silicon Motion Technology presently has a consensus rating of Hold and a consensus target price of $47.58.

Shares of Silicon Motion Technology stock traded down $1.11 on Thursday, reaching $34.01. 448,130 shares of the stock were exchanged, compared to its average volume of 372,502. Silicon Motion Technology has a twelve month low of $31.73 and a twelve month high of $61.85. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of 12.77, a price-to-earnings-growth ratio of 3.69 and a beta of 1.04. The company has a 50 day simple moving average of $41.78.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, July 30th. The semiconductor producer reported $0.52 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.52. Silicon Motion Technology had a return on equity of 17.76% and a net margin of 17.84%. The firm had revenue of $98.80 million during the quarter, compared to the consensus estimate of $97.33 million. During the same quarter in the previous year, the company posted $0.92 earnings per share. The company’s revenue was down 28.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Silicon Motion Technology will post 1.79 EPS for the current year.

A number of large investors have recently made changes to their positions in the business. Citigroup Inc. lifted its holdings in Silicon Motion Technology by 389.7% in the fourth quarter. Citigroup Inc. now owns 2,615 shares of the semiconductor producer’s stock valued at $90,000 after acquiring an additional 2,081 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Silicon Motion Technology during the 4th quarter worth approximately $800,000. Macquarie Group Ltd. raised its stake in shares of Silicon Motion Technology by 2.7% during the 4th quarter. Macquarie Group Ltd. now owns 32,741 shares of the semiconductor producer’s stock worth $1,130,000 after buying an additional 851 shares during the period. Millennium Management LLC raised its stake in shares of Silicon Motion Technology by 16.4% during the 4th quarter. Millennium Management LLC now owns 426,256 shares of the semiconductor producer’s stock worth $14,706,000 after buying an additional 60,023 shares during the period. Finally, FMR LLC raised its stake in shares of Silicon Motion Technology by 2,405.9% during the 4th quarter. FMR LLC now owns 61,795 shares of the semiconductor producer’s stock worth $2,132,000 after buying an additional 59,329 shares during the period. 69.98% of the stock is owned by institutional investors.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.

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