Analysts predict that Silicon Motion Technology Corporation (NASDAQ:SIMO) will post sales of $125.87 million for the current quarter, according to Zacks. Three analysts have issued estimates for Silicon Motion Technology Corporation’s earnings. The highest sales estimate is $126.60 million and the lowest is $125.50 million. Silicon Motion Technology Corporation posted sales of $158.58 million during the same quarter last year, which suggests a negative year-over-year growth rate of 20.6%. The firm is expected to report its next earnings report on Thursday, October 26th.

On average, analysts expect that Silicon Motion Technology Corporation will report full-year sales of $125.87 million for the current fiscal year, with estimates ranging from $520.00 million to $583.28 million. For the next year, analysts anticipate that the company will post sales of $601.56 million per share, with estimates ranging from $560.00 million to $650.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Silicon Motion Technology Corporation.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last posted its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by $0.04. The company had revenue of $132.70 million during the quarter, compared to the consensus estimate of $132.92 million. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.86 earnings per share.

A number of equities research analysts recently issued reports on the company. Lake Street Capital reissued a “buy” rating and issued a $50.00 target price (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Tuesday, August 8th. B. Riley reissued a “buy” rating and issued a $68.75 target price on shares of Silicon Motion Technology Corporation in a research note on Monday, August 7th. Craig Hallum reissued a “buy” rating and issued a $60.00 target price (down previously from $67.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Roth Capital reduced their target price on Silicon Motion Technology Corporation from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, August 1st. Finally, BidaskClub cut Silicon Motion Technology Corporation from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. Silicon Motion Technology Corporation has an average rating of “Hold” and an average target price of $56.84.

Shares of Silicon Motion Technology Corporation (NASDAQ SIMO) opened at 42.84 on Tuesday. The firm has a 50-day moving average of $44.37 and a 200 day moving average of $45.86. Silicon Motion Technology Corporation has a 12 month low of $37.37 and a 12 month high of $56.25. The company has a market capitalization of $1.53 billion, a PE ratio of 14.48 and a beta of 0.68.

Silicon Motion Technology Corporation announced that its board has initiated a stock buyback program on Monday, July 31st that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the semiconductor producer to purchase up to 13.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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A number of hedge funds have recently modified their holdings of SIMO. US Bancorp DE raised its position in 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 valued at $102,000 after buying an additional 915 shares during the last quarter. Seven Eight Capital LP acquired a new position in Silicon Motion Technology Corporation during the second quarter valued at about $135,000. Summit Securities Group LLC acquired a new position in Silicon Motion Technology Corporation during the second quarter valued at about $204,000. Hikari Power Ltd acquired a new position in Silicon Motion Technology Corporation during the second quarter valued at about $204,000. Finally, Dubuque Bank & Trust Co. raised its position in Silicon Motion Technology Corporation by 253.4% in the first quarter. Dubuque Bank & Trust Co. now owns 4,531 shares of the semiconductor producer’s stock valued at $212,000 after buying an additional 3,249 shares during the last quarter. Institutional investors and hedge funds own 84.49% of the company’s stock.

About Silicon Motion Technology Corporation

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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