Silicon Motion Technology Corporation (NASDAQ:SIMO) had its target price hoisted by Roth Capital from $55.00 to $60.00 in a research report issued to clients and investors on Tuesday. The firm currently has a “buy” rating on the semiconductor producer’s stock. Roth Capital’s price target indicates a potential upside of 16.98% from the stock’s previous close.

A number of other brokerages have also commented on SIMO. Loop Capital increased their price objective on Silicon Motion Technology Corporation from $51.00 to $59.00 and gave the company a “buy” rating in a research report on Monday, October 9th. Needham & Company LLC reiterated a “buy” rating and issued a $57.00 price objective (up from $54.00) on shares of Silicon Motion Technology Corporation in a research report on Monday, October 9th. Zacks Investment Research upgraded Silicon Motion Technology Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. B. Riley reiterated a “buy” rating and issued a $68.75 price objective on shares of Silicon Motion Technology Corporation in a research report on Monday, July 10th. Finally, BidaskClub lowered Silicon Motion Technology Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company’s stock. Silicon Motion Technology Corporation has a consensus rating of “Buy” and an average target price of $57.65.

Silicon Motion Technology Corporation (NASDAQ SIMO) traded down 0.79% during mid-day trading on Tuesday, hitting $51.29. The stock had a trading volume of 822,289 shares. The stock has a 50 day moving average of $48.67 and a 200-day moving average of $47.44. The firm has a market cap of $1.83 billion, a P/E ratio of 17.34 and a beta of 0.70. Silicon Motion Technology Corporation has a 1-year low of $37.37 and a 1-year high of $55.68.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last announced its quarterly earnings data on Monday, July 31st. The semiconductor producer reported $0.69 EPS for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.04). The firm 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 firm’s quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.86 earnings per share. Analysts predict that Silicon Motion Technology Corporation will post $2.69 EPS for the current fiscal year.

Silicon Motion Technology Corporation announced that its Board of Directors has approved a stock buyback program on Monday, July 31st that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the semiconductor producer to buy up to 13.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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A number of institutional investors have recently modified their holdings of SIMO. US Bancorp DE raised its stake in Silicon Motion Technology Corporation by 71.5% during the 1st quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock worth $102,000 after buying an additional 915 shares during the period. Seven Eight Capital LP acquired a new stake in Silicon Motion Technology Corporation during the 2nd quarter worth $135,000. Summit Securities Group LLC acquired a new stake in Silicon Motion Technology Corporation during the 2nd quarter worth $204,000. Hikari Power Ltd acquired a new stake in Silicon Motion Technology Corporation during the 2nd quarter worth $204,000. Finally, Airain ltd acquired a new stake in Silicon Motion Technology Corporation during the 2nd quarter worth $213,000. 79.42% of the stock is currently owned by institutional investors and hedge funds.

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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