Silicon Motion Technology (NASDAQ:SIMO) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday morning.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC raised their target price on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Wedbush raised their target price on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Craig Hallum restated a “buy” rating and issued a $160.00 target price on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Roth Mkm set a $140.00 price objective on shares of Silicon Motion Technology and gave the company a “buy” rating in a research note on Wednesday, February 4th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $132.50.

Silicon Motion Technology Stock Performance

SIMO stock opened at $147.54 on Friday. Silicon Motion Technology has a one year low of $43.57 and a one year high of $155.73. The stock has a market capitalization of $5.01 billion, a PE ratio of 40.53, a price-to-earnings-growth ratio of 1.03 and a beta of 1.09. The company has a fifty day moving average of $126.88 and a 200-day moving average of $109.91.

Institutional Trading of Silicon Motion Technology

Several hedge funds and other institutional investors have recently made changes to their positions in SIMO. Royal Bank of Canada lifted its stake in shares of Silicon Motion Technology by 87.6% in the first quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock valued at $3,522,000 after purchasing an additional 32,527 shares during the period. Goldman Sachs Group Inc. raised its position in Silicon Motion Technology by 155.0% during the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after acquiring an additional 44,976 shares during the last quarter. Geode Capital Management LLC raised its position in Silicon Motion Technology by 2.6% during the second quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock worth $2,842,000 after acquiring an additional 962 shares during the last quarter. Creative Planning acquired a new position in Silicon Motion Technology during the second quarter worth about $324,000. Finally, Legal & General Group Plc raised its position in Silicon Motion Technology by 141.4% during the second quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer’s stock worth $732,000 after acquiring an additional 5,704 shares during the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

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.