Silicon Motion Technology Corporation (NASDAQ:SIMO) Given Average Rating of “Buy” by Brokerages

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have been given a consensus recommendation of “Buy” by the ten brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $222.1429.

A number of research firms have commented on SIMO. Wedbush lifted their price objective on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the company an “outperform” rating in a research note on Thursday, April 30th. Craig Hallum restated a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, April 30th. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Finally, Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds have recently modified their holdings of SIMO. Royal Bank of Canada lifted its holdings in shares of Silicon Motion Technology by 87.6% during the first quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock worth $3,522,000 after purchasing an additional 32,527 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of 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 purchasing an additional 44,976 shares during the period. Geode Capital Management LLC lifted its holdings in shares of 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 purchasing an additional 962 shares during the period. Creative Planning acquired a new stake in shares of Silicon Motion Technology during the second quarter worth $324,000. Finally, Legal & General Group Plc lifted its holdings in shares of 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 purchasing an additional 5,704 shares during the period. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $321.66 on Friday. The stock has a market cap of $10.91 billion, a PE ratio of 63.95, a price-to-earnings-growth ratio of 0.75 and a beta of 1.72. Silicon Motion Technology has a 52-week low of $68.79 and a 52-week high of $336.32. The business has a 50-day moving average price of $232.81 and a 200 day moving average price of $154.93.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. The firm had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The business’s revenue was up 105.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 EPS. Sell-side analysts anticipate that Silicon Motion Technology will post 8.06 earnings per share for the current year.

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.