Silicon Motion Technology (NASDAQ:SIMO) was upgraded by research analysts at Summit Redstone from a “hold” rating to a “buy” rating in a research report issued on Thursday.

A number of other analysts also recently commented on the stock. BidaskClub upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, December 2nd. ValuEngine upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Northland Securities restated a “buy” rating and set a $60.00 price target on shares of Silicon Motion Technology in a research report on Sunday, October 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Silicon Motion Technology in a research note on Friday, October 27th. Finally, B. Riley set a $69.00 price objective on shares of Silicon Motion Technology and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Silicon Motion Technology has an average rating of “Buy” and an average target price of $57.67.

Silicon Motion Technology (NASDAQ:SIMO) traded down $1.87 during mid-day trading on Thursday, hitting $52.47. 767,600 shares of the company’s stock were exchanged, compared to its average volume of 609,191. Silicon Motion Technology has a one year low of $37.37 and a one year high of $55.68. The company has a market cap of $1,919.72, a P/E ratio of 20.66 and a beta of 0.64.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Friday, October 27th. The semiconductor producer reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Silicon Motion Technology had a net margin of 17.18% and a return on equity of 19.58%. The company had revenue of $127.20 million for the quarter, compared to the consensus estimate of $127.24 million. During the same period in the previous year, the firm earned $1.07 EPS. Silicon Motion Technology’s revenue was down 19.8% on a year-over-year basis.

Institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in Silicon Motion Technology by 98.2% during the first quarter. Wellington Management Group LLP now owns 3,029,892 shares of the semiconductor producer’s stock valued at $117,591,000 after purchasing an additional 1,501,544 shares in the last quarter. Lazard Asset Management LLC lifted its stake in Silicon Motion Technology by 39.5% in the first quarter. Lazard Asset Management LLC now owns 2,481,612 shares of the semiconductor producer’s stock valued at $96,311,000 after acquiring an additional 703,150 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Silicon Motion Technology by 37.2% in the second quarter. JPMorgan Chase & Co. now owns 2,479,148 shares of the semiconductor producer’s stock valued at $118,503,000 after acquiring an additional 671,966 shares during the last quarter. ARGA Investment Management LP lifted its stake in Silicon Motion Technology by 6.2% in the third quarter. ARGA Investment Management LP now owns 1,839,779 shares of the semiconductor producer’s stock valued at $88,365,000 after acquiring an additional 106,900 shares during the last quarter. Finally, Investec Asset Management LTD lifted its stake in Silicon Motion Technology by 46.4% in 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 during the last quarter. 82.84% of the stock is currently owned by institutional investors and hedge funds.

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Silicon Motion Technology 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 (NASDAQ:SIMO)

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