Silicon Motion Technology (NASDAQ:SIMO) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday, BidAskClub reports.
A number of other research analysts have also weighed in on SIMO. Needham & Company LLC reiterated a “buy” rating on shares of Silicon Motion Technology in a research note on Friday, August 9th. KeyCorp set a $58.00 price objective on shares of Silicon Motion Technology and gave the company a “hold” rating in a research note on Tuesday, September 10th. Roth Capital reduced their price objective on shares of Silicon Motion Technology from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Cowen reiterated an “outperform” rating and issued a $42.00 price objective (down from $45.00) on shares of Silicon Motion Technology in a research note on Thursday, August 1st. Finally, Nomura upgraded shares of Silicon Motion Technology from a “reduce” rating to a “neutral” rating in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $46.44.
Shares of SIMO stock opened at $38.05 on Friday. The company has a 50 day moving average of $33.87 and a 200-day moving average of $38.15. Silicon Motion Technology has a 12-month low of $30.86 and a 12-month high of $48.49. The firm has a market cap of $1.37 billion, a P/E ratio of 11.16, a PEG ratio of 4.21 and a beta of 1.03.
Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Tuesday, July 30th. The semiconductor producer reported $0.52 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.52. Silicon Motion Technology had a net margin of 17.84% and a return on equity of 17.76%. The business had revenue of $98.80 million during the quarter, compared to analyst estimates of $97.33 million. During the same period in the previous year, the business earned $0.92 EPS. Silicon Motion Technology’s revenue was down 28.5% compared to the same quarter last year. Equities research analysts anticipate that Silicon Motion Technology will post 1.79 earnings per share for the current fiscal year.
A number of large investors have recently made changes to their positions in SIMO. NumerixS Investment Technologies Inc bought a new position in Silicon Motion Technology in the 1st quarter valued at $86,000. Marshall Wace North America L.P. bought a new position in Silicon Motion Technology in the 1st quarter valued at $516,000. Glaxis Capital Management LLC bought a new position in Silicon Motion Technology in the 2nd quarter valued at $444,000. Skyline Asset Management LP boosted its holdings in Silicon Motion Technology by 5.7% in the 2nd quarter. Skyline Asset Management LP now owns 168,800 shares of the semiconductor producer’s stock valued at $7,491,000 after purchasing an additional 9,100 shares during the period. Finally, Foundry Partners LLC bought a new position in Silicon Motion Technology in the 2nd quarter valued at $362,000. 71.10% of the stock is owned by hedge funds and other institutional investors.
About Silicon Motion Technology
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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