Silicon Motion Technology (NASDAQ:SIMO) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a buy rating in a research note published on Wednesday, June 5th, BidAskClub reports.

Several other brokerages also recently issued reports on SIMO. Zacks Investment Research raised shares of Silicon Motion Technology from a strong sell rating to a hold rating in a research report on Tuesday, April 2nd. B. Riley decreased their price objective on shares of Silicon Motion Technology from $53.00 to $52.00 and set a buy rating for the company in a research report on Wednesday, April 10th. Morgan Stanley cut shares of Silicon Motion Technology from an equal weight rating to an underweight rating in a research note on Monday, April 22nd. Finally, Cowen restated an outperform rating and set a $45.00 target price (up previously from $43.00) on shares of Silicon Motion Technology in a research note on Monday, May 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. Silicon Motion Technology presently has a consensus rating of Buy and a consensus target price of $49.95.

Silicon Motion Technology stock traded up $1.95 on Wednesday, reaching $44.38. 385,923 shares of the stock were exchanged, compared to its average volume of 335,725. The firm has a market cap of $1.55 billion, a PE ratio of 13.01, a PEG ratio of 3.92 and a beta of 0.97. The company’s fifty day moving average is $39.96. Silicon Motion Technology has a twelve month low of $31.73 and a twelve month high of $61.85.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Thursday, May 2nd. The semiconductor producer reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.07. The firm had revenue of $94.69 million for the quarter, compared to analysts’ expectations of $93.23 million. Silicon Motion Technology had a net margin of 17.28% and a return on equity of 19.04%. The company’s quarterly revenue was down 27.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.71 earnings per share. Equities analysts forecast that Silicon Motion Technology will post 2.12 EPS for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Quantamental Technologies LLC bought a new stake in Silicon Motion Technology during the 1st quarter worth approximately $28,000. Migdal Insurance & Financial Holdings Ltd. lifted its position 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 valued at $37,000 after acquiring an additional 617 shares during the period. Penserra Capital Management LLC raised its holdings in Silicon Motion Technology by 50.0% during the first quarter. Penserra Capital Management LLC now owns 1,320 shares of the semiconductor producer’s stock worth $52,000 after buying an additional 440 shares during the last quarter. Private Capital Group LLC raised its holdings in Silicon Motion Technology by 63.5% during the first quarter. Private Capital Group LLC now owns 1,630 shares of the semiconductor producer’s stock worth $65,000 after buying an additional 633 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of Silicon Motion Technology by 1,460.2% in 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 in the last quarter. 69.90% of the stock is currently owned by hedge funds and other institutional investors.

About Silicon Motion Technology

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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Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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