Silicon Motion Technology (NASDAQ:SIMO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “Silicon Motion is a leading merchant supplier of client SSD controller to module makers, including most market leaders in the U.S., Taiwan and China. The company’s collaborations with flash vendors with the aim of developing proprietary controller technology aids it to overcome existing weakness of 3D NAND and outshine peers. Further, the company expects the increase in the availability of 64 layer 3D NAND to bring down high NAND prices, which will eventually improve results. Moreover, an expanding customer base and innovative products act as tailwinds for the company’s top-line growth. Acquisitions in the past have also contributed to it’s overall growth. However, intensifying competition in the USB flash drive controller market remains a headwind. Anticipated dip in smartphones sales might prove to be a drag on the revenues.”
Several other research analysts also recently commented on the company. KeyCorp increased their price objective on Silicon Motion Technology from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, December 14th. Nomura downgraded Silicon Motion Technology from a “neutral” rating to a “reduce” rating and set a $45.00 price objective for the company. in a research note on Wednesday, January 10th. Summit Redstone raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Thursday, December 7th. B. Riley reissued a “buy” rating and issued a $68.75 price objective on shares of Silicon Motion Technology in a research note on Tuesday, January 16th. Finally, ValuEngine raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $56.70.
Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.21). Silicon Motion Technology had a net margin of 14.34% and a return on equity of 15.33%. The firm had revenue of $136.17 million during the quarter, compared to analyst estimates of $135.00 million. research analysts predict that Silicon Motion Technology will post 2.97 EPS for the current year.
Several institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC increased its stake in shares of Silicon Motion Technology by 14.1% in the 4th quarter. SG Americas Securities LLC now owns 11,234 shares of the semiconductor producer’s stock worth $595,000 after acquiring an additional 1,390 shares during the last quarter. DnB Asset Management AS increased its stake in shares of Silicon Motion Technology by 11.8% in the 4th quarter. DnB Asset Management AS now owns 13,300 shares of the semiconductor producer’s stock worth $704,000 after acquiring an additional 1,400 shares during the last quarter. Prince Street Capital Management LLC increased its stake in shares of Silicon Motion Technology by 1.7% in the 4th quarter. Prince Street Capital Management LLC now owns 114,300 shares of the semiconductor producer’s stock worth $6,054,000 after acquiring an additional 1,900 shares during the last quarter. California Public Employees Retirement System increased its stake in shares of Silicon Motion Technology by 3.0% in the 3rd quarter. California Public Employees Retirement System now owns 69,103 shares of the semiconductor producer’s stock worth $3,319,000 after acquiring an additional 2,003 shares during the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of Silicon Motion Technology in the 3rd quarter worth $101,000. 85.87% of the stock is owned by institutional investors and hedge funds.
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Silicon Motion Technology Company Profile
Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.
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