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

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have been given an average recommendation of “Buy” by the ten analysts that are covering the company, Marketbeat.com reports. Nine investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $341.43.

A number of research analysts have recently weighed in on SIMO shares. Wedbush lifted their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Needham & Company LLC increased their price target on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Craig Hallum reiterated a “buy” rating and issued a $325.00 price objective on shares of Silicon Motion Technology in a research note on Friday, July 31st. Weiss Ratings upgraded shares of Silicon Motion Technology from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, August 17th. Finally, Wall Street Zen lowered shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th.

Silicon Motion Technology Stock Performance

SIMO opened at $276.23 on Monday. The stock’s fifty day moving average is $255.64 and its 200-day moving average is $233.31. The company has a market capitalization of $9.37 billion, a PE ratio of 32.38, a P/E/G ratio of 0.48 and a beta of 1.71. Silicon Motion Technology has a one year low of $79.76 and a one year high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, topping the consensus estimate of $2.13 by $0.30. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The company had revenue of $451.00 million during the quarter, compared to analysts’ expectations of $403.41 million. During the same period last year, the company posted $0.69 earnings per share. The business’s revenue for the quarter was up 127.0% on a year-over-year basis. On average, equities research analysts forecast that Silicon Motion Technology will post 10.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SIMO. Assetmark Inc. boosted its position in shares of Silicon Motion Technology by 2.3% during the first quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock valued at $316,000 after purchasing an additional 63 shares in the last quarter. Cooper Investors PTY Ltd. purchased a new position in shares of Silicon Motion Technology during the second quarter valued at approximately $34,000. Hardy Reed LLC boosted its stake in shares of Silicon Motion Technology by 3.4% in the 1st quarter. Hardy Reed LLC now owns 5,010 shares of the semiconductor producer’s stock worth $563,000 after buying an additional 166 shares during the last quarter. Allworth Financial LP grew its stake in shares of Silicon Motion Technology by 26.4% during the 2nd quarter. Allworth Financial LP now owns 834 shares of the semiconductor producer’s stock valued at $278,000 after purchasing an additional 174 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Silicon Motion Technology during the 2nd quarter worth $88,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation develops and supplies semiconductor solutions for NAND flash storage devices. Its products include flash memory controllers for solid-state drives (SSDs), client and enterprise storage systems, embedded storage, and other applications that use NAND flash memory.

The company provides controller technologies used in consumer electronics, personal computers, mobile devices, industrial equipment, and data-center infrastructure. Its offerings are designed to manage data storage, improve performance and reliability, and support the integration of NAND flash memory into a range of storage products.

Silicon Motion was founded in 1995 and went public on the Nasdaq Stock Market in 2005 under the symbol SIMO.