B. Riley Boosts Silicon Motion Technology (NASDAQ:SIMO) Price Target to $55.00

Silicon Motion Technology (NASDAQ:SIMO) had its target price lifted by B. Riley from $52.00 to $55.00 in a research note published on Monday, May 6th, The Fly reports. B. Riley currently has a buy rating on the semiconductor producer’s stock. B. Riley also issued estimates for Silicon Motion Technology’s Q3 2019 earnings at $0.78 EPS.

A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research raised shares of Silicon Motion Technology from a strong sell rating to a hold rating in a research note on Tuesday, April 2nd. BidaskClub cut shares of Silicon Motion Technology from a hold rating to a sell rating in a research note on Thursday, April 11th. Needham & Company LLC reissued a buy rating and issued a $47.00 price target on shares of Silicon Motion Technology in a research note on Thursday, January 31st. ValuEngine raised shares of Silicon Motion Technology from a sell rating to a hold rating in a research note on Tuesday, January 29th. Finally, TheStreet cut shares of Silicon Motion Technology from a b- rating to a c+ rating in a research note on Friday, January 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of $50.95.

Shares of Silicon Motion Technology stock traded up $0.35 during midday trading on Monday, hitting $38.11. The company had a trading volume of 139,269 shares, compared to its average volume of 357,371. Silicon Motion Technology has a 12-month low of $31.73 and a 12-month high of $61.85. The firm has a market capitalization of $1.38 billion, a P/E ratio of 11.18, a PEG ratio of 3.53 and a beta of 1.03.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Thursday, May 2nd. The semiconductor producer reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.07. Silicon Motion Technology had a net margin of 17.28% and a return on equity of 19.04%. The company had revenue of $94.69 million during the quarter, compared to analyst estimates of $93.23 million. During the same period last year, the firm posted $0.71 EPS. Silicon Motion Technology’s revenue for the quarter was down 27.4% compared to the same quarter last year. As a group, analysts anticipate that Silicon Motion Technology will post 2.12 EPS for the current year.

The business also recently declared a dividend, which was paid on Friday, May 24th. Stockholders of record on Thursday, May 9th were issued a dividend of $0.298 per share. The ex-dividend date of this dividend was Wednesday, May 8th. This is a positive change from Silicon Motion Technology’s previous dividend of $0.20. Silicon Motion Technology’s payout ratio is currently 34.90%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quantamental Technologies LLC purchased a new position in shares of Silicon Motion Technology during the 1st quarter worth $28,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Silicon Motion Technology by 201.6% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 923 shares of the semiconductor producer’s stock worth $37,000 after acquiring an additional 617 shares during the period. Private Capital Group LLC raised its holdings in shares of Silicon Motion Technology by 493.5% during the 4th quarter. Private Capital Group LLC now owns 997 shares of the semiconductor producer’s stock worth $34,000 after acquiring an additional 829 shares during the period. Penserra Capital Management LLC raised its holdings in shares of Silicon Motion Technology by 50.0% during the 1st quarter. Penserra Capital Management LLC now owns 1,320 shares of the semiconductor producer’s stock worth $52,000 after acquiring an additional 440 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its holdings in shares of Silicon Motion Technology by 1,460.2% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 1,919 shares of the semiconductor producer’s stock worth $76,000 after acquiring an additional 1,796 shares during the period. Institutional investors and hedge funds own 70.05% of the company’s stock.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.

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