Silicon Motion Technology (NASDAQ:SIMO) Price Target Raised to $260.00 at JPMorgan Chase & Co.

Silicon Motion Technology (NASDAQ:SIMO) had its price objective upped by JPMorgan Chase & Co. from $145.00 to $260.00 in a report issued on Friday,Benzinga reports. They currently have an overweight rating on the semiconductor producer’s stock.

Several other research analysts also recently commented on the company. Craig Hallum reissued a “buy” rating and set a $250.00 target price on shares of Silicon Motion Technology in a research note on Thursday. Susquehanna boosted their target price on Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a research note on Thursday. Zacks Research downgraded Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Needham & Company LLC boosted their target price on Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Finally, Wall Street Zen downgraded Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 25th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Silicon Motion Technology has a consensus rating of “Moderate Buy” and an average price target of $205.63.

Silicon Motion Technology Price Performance

SIMO stock traded up $15.74 during midday trading on Friday, reaching $234.52. The company had a trading volume of 1,403,553 shares, compared to its average volume of 869,312. The company has a market capitalization of $7.97 billion, a price-to-earnings ratio of 46.62, a price-to-earnings-growth ratio of 1.47 and a beta of 1.67. The stock has a 50 day moving average price of $130.66 and a 200-day moving average price of $111.85. Silicon Motion Technology has a 1-year low of $51.01 and a 1-year high of $235.00.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating 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 return on equity of 20.24% and a net margin of 16.02%.Silicon Motion Technology’s revenue for the quarter was up 105.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.60 earnings per share. As a group, research analysts anticipate that Silicon Motion Technology will post 5.29 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Brown Brothers Harriman & Co. acquired a new position in shares of Silicon Motion Technology in the third quarter valued at approximately $26,000. WealthCollab LLC increased its stake in shares of Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after buying an additional 151 shares during the period. Arax Advisory Partners increased its stake in shares of Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after buying an additional 307 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 366 shares during the period. Finally, MeadowBrook Investment Advisors LLC acquired a new position in shares of Silicon Motion Technology in the fourth quarter valued at approximately $71,000. 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.