Brokerages Set Silicon Motion Technology Corporation (NASDAQ:SIMO) PT at $246.43

Silicon Motion Technology Corporation (NASDAQ:SIMO) has been assigned an average rating of “Buy” from the ten brokerages that are currently covering the stock, MarketBeat reports. One equities research 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 analysts that have issued a report on the stock in the last year is $246.4286.

Several research analysts recently weighed in on SIMO shares. Weiss Ratings lowered Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Craig Hallum restated a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research report on Thursday, April 30th. JPMorgan Chase & Co. upped their price target on Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Wall Street Zen downgraded Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 4th. Finally, Roth Capital restated a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, April 29th.

Insider Transactions at Silicon Motion Technology

In other news, Director Kuan-Ming Lin sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the sale, the director directly owned 8,500 shares of the company’s stock, valued at approximately $2,592,500. The trade was a 19.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Han-Ping Shieh sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the transaction, the director owned 7,500 shares in the company, valued at approximately $2,460,000. This represents a 11.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 4,000 shares of company stock valued at $1,239,250. Company insiders own 5.34% of the company’s stock.

Institutional Trading of Silicon Motion Technology

Several institutional investors have recently added to or reduced their stakes in SIMO. Reinhart Partners LLC. lifted its stake in Silicon Motion Technology by 4.8% during the fourth quarter. Reinhart Partners LLC. now owns 1,573,355 shares of the semiconductor producer’s stock worth $145,851,000 after purchasing an additional 72,421 shares in the last quarter. Pertento Partners LLP grew its stake in shares of Silicon Motion Technology by 2.5% in the third quarter. Pertento Partners LLP now owns 1,290,409 shares of the semiconductor producer’s stock valued at $122,344,000 after buying an additional 31,405 shares in the last quarter. Hawk Ridge Capital Management LP grew its stake in shares of Silicon Motion Technology by 48.9% in the first quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer’s stock valued at $131,752,000 after buying an additional 385,568 shares in the last quarter. Lazard Asset Management LLC grew its stake in shares of Silicon Motion Technology by 2.3% in the third quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock valued at $74,299,000 after buying an additional 17,741 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of Silicon Motion Technology by 40.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer’s stock valued at $57,840,000 after buying an additional 181,206 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Price Performance

NASDAQ:SIMO opened at $326.35 on Wednesday. The company’s 50-day moving average is $285.03 and its two-hundred day moving average is $179.48. Silicon Motion Technology has a 1-year low of $70.12 and a 1-year high of $355.00. The firm has a market capitalization of $11.07 billion, a price-to-earnings ratio of 64.88, a PEG ratio of 0.72 and a beta of 1.70.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.27. The business had revenue of $342.11 million during the quarter, compared to the consensus estimate of $299.53 million. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The business’s revenue was up 105.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 EPS. As a group, equities analysts anticipate that Silicon Motion Technology will post 8.48 earnings per share for the current fiscal year.

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.