Silicon Motion Technology (NASDAQ:SIMO) was upgraded by research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

SIMO has been the subject of several other reports. B. Riley set a $69.00 price target on Silicon Motion Technology and gave the company a “buy” rating in a report on Wednesday, October 25th. Needham & Company LLC reiterated a “buy” rating and issued a $57.00 price target on shares of Silicon Motion Technology in a report on Friday, October 27th. Zacks Investment Research upgraded Silicon Motion Technology from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 3rd. Loop Capital increased their price target on Silicon Motion Technology from $51.00 to $59.00 and gave the company a “buy” rating in a report on Monday, October 9th. Finally, Standpoint Research upgraded Silicon Motion Technology from a “reduce” rating to a “buy” rating in a report on Wednesday, August 30th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $57.67.

Shares of Silicon Motion Technology (SIMO) traded down $0.19 on Friday, hitting $51.57. The company had a trading volume of 438,884 shares, compared to its average volume of 384,547. The stock has a market cap of $1,828.58, a price-to-earnings ratio of 19.68 and a beta of 0.64. Silicon Motion Technology has a twelve month low of $37.37 and a twelve month high of $55.68.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Friday, October 27th. The semiconductor producer reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. The business had revenue of $127.20 million for the quarter, compared to analyst estimates of $127.24 million. Silicon Motion Technology had a return on equity of 19.58% and a net margin of 17.18%. The business’s quarterly revenue was down 19.8% on a year-over-year basis. During the same period last year, the company posted $1.07 EPS. equities research analysts expect that Silicon Motion Technology will post 2.46 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in SIMO. William Blair Investment Management LLC grew its stake in shares of Silicon Motion Technology by 170.4% during the second quarter. William Blair Investment Management LLC now owns 947,862 shares of the semiconductor producer’s stock valued at $45,715,000 after acquiring an additional 597,352 shares in the last quarter. ARGA Investment Management LP grew its stake in shares of Silicon Motion Technology by 46.1% during the second quarter. ARGA Investment Management LP now owns 1,732,879 shares of the semiconductor producer’s stock valued at $83,577,000 after acquiring an additional 546,487 shares in the last quarter. Investec Asset Management LTD grew its stake in shares of Silicon Motion Technology by 46.4% during the second quarter. Investec Asset Management LTD now owns 1,638,818 shares of the semiconductor producer’s stock valued at $79,040,000 after acquiring an additional 519,631 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Silicon Motion Technology during the second quarter valued at about $20,501,000. Finally, Royce & Associates LP grew its stake in shares of Silicon Motion Technology by 78.0% during the third quarter. Royce & Associates LP now owns 801,540 shares of the semiconductor producer’s stock valued at $38,498,000 after acquiring an additional 351,140 shares in the last quarter. Institutional investors own 82.84% of the company’s stock.

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About Silicon Motion Technology

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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Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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