Silicon Motion Technology Corporation (NASDAQ:SIMO)‘s stock had its “buy” rating reissued by stock analysts at B. Riley in a research report issued to clients and investors on Monday. They presently have a $68.75 price objective on the semiconductor producer’s stock. B. Riley’s price target points to a potential upside of 61.50% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. ValuEngine cut Silicon Motion Technology Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 16th. Lake Street Capital restated a “buy” rating and set a $50.00 price target (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Loop Capital restated a “buy” rating and set a $61.00 price target (up previously from $53.00) on shares of Silicon Motion Technology Corporation in a research note on Tuesday, June 6th. Standpoint Research cut Silicon Motion Technology Corporation from a “buy” rating to a “reduce” rating in a research note on Tuesday, June 6th. Finally, Summit Redstone restated a “hold” rating on shares of Silicon Motion Technology Corporation in a research note on Saturday, July 22nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $56.84.

Silicon Motion Technology Corporation (NASDAQ:SIMO) traded down 0.05% during trading on Monday, hitting $42.57. 419,498 shares of the stock traded hands. Silicon Motion Technology Corporation has a 12 month low of $37.37 and a 12 month high of $56.25. The stock has a market cap of $1.51 billion, a P/E ratio of 13.65 and a beta of 0.68. The firm’s 50-day moving average is $46.68 and its 200-day moving average is $45.85.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last released its quarterly earnings results on Monday, July 31st. The semiconductor producer reported $0.69 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by $0.04. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. The company had revenue of $132.70 million for the quarter, compared to analysts’ expectations of $132.92 million. During the same quarter last year, the company earned $0.86 EPS. Silicon Motion Technology Corporation’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, analysts forecast that Silicon Motion Technology Corporation will post $2.67 EPS for the current year.

Silicon Motion Technology Corporation declared that its Board of Directors has authorized a share repurchase plan on Monday, July 31st that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor producer to reacquire up to 13.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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Several hedge funds and other institutional investors have recently made changes to their positions in SIMO. US Bancorp DE boosted its position in shares of Silicon Motion Technology Corporation by 71.5% in the first quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock worth $102,000 after buying an additional 915 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Silicon Motion Technology Corporation by 5.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,417 shares of the semiconductor producer’s stock worth $103,000 after buying an additional 119 shares in the last quarter. Advisors Asset Management Inc. purchased a new position in shares of Silicon Motion Technology Corporation during the second quarter worth $164,000. FNY Partners Fund LP purchased a new position in shares of Silicon Motion Technology Corporation during the fourth quarter worth $157,000. Finally, BNP Paribas Arbitrage SA purchased a new position in shares of Silicon Motion Technology Corporation during the third quarter worth $215,000. Institutional investors and hedge funds own 80.90% of the company’s stock.

Silicon Motion Technology Corporation 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.

Analyst Recommendations for Silicon Motion Technology Corporation (NASDAQ:SIMO)

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