Silicon Motion Technology Corporation (NASDAQ:SIMO) Stock Has Consensus Target Price of $341.43 According to Brokerages

Silicon Motion Technology Corporation (NASDAQ:SIMO) has been given a consensus rating of “Moderate Buy” by the ten ratings firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $341.43.

Several research firms have commented on SIMO. Zacks Research lowered shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Needham & Company LLC lifted their target price 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 restated a “buy” rating and issued a $325.00 target price on shares of Silicon Motion Technology in a research note on Friday, July 31st. Weiss Ratings downgraded Silicon Motion Technology from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday. Finally, Susquehanna upped their target price on Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a report on Friday, July 31st.

Silicon Motion Technology Price Performance

Shares of SIMO stock opened at $211.30 on Friday. The firm has a 50-day moving average of $257.02 and a 200-day moving average of $249.00. The company has a market cap of $7.16 billion, a P/E ratio of 24.77, a P/E/G ratio of 0.37 and a beta of 1.69. 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 released its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $403.41 million. During the same period last year, the firm earned $0.69 earnings per share. The firm’s revenue was up 127.0% on a year-over-year basis. As a group, research analysts expect that Silicon Motion Technology will post 10.60 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SIMO. IFP Advisors Inc boosted its holdings in shares of Silicon Motion Technology by 37.2% in the 3rd quarter. IFP Advisors Inc now owns 667 shares of the semiconductor producer’s stock worth $187,000 after buying an additional 181 shares during the last quarter. Stronghold Wealth Management L.L.C. grew its position in Silicon Motion Technology by 17.8% during the third quarter. Stronghold Wealth Management L.L.C. now owns 740 shares of the semiconductor producer’s stock valued at $207,000 after buying an additional 112 shares during the period. Mirador Capital Partners LP grew its position in Silicon Motion Technology by 6.2% during the third quarter. Mirador Capital Partners LP now owns 9,268 shares of the semiconductor producer’s stock valued at $2,595,000 after buying an additional 544 shares during the period. WoodTrust Financial Corp bought a new position in Silicon Motion Technology during the third quarter valued at about $248,000. Finally, Legacy Wealth Asset Management LLC increased its holdings in Silicon Motion Technology by 4.9% during the third quarter. Legacy Wealth Asset Management LLC now owns 4,715 shares of the semiconductor producer’s stock worth $1,320,000 after buying an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company that designs and develops NAND flash storage controllers and related semiconductor solutions. Its products manage data storage, performance, reliability and power consumption in devices that use NAND flash memory.

The company supplies controllers for client solid-state drives (SSDs), enterprise and industrial storage applications, embedded storage products such as eMMC and UFS, and removable storage including memory cards and USB flash drives.