Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research report issued on Wednesday. They currently have a $57.00 price objective on the semiconductor producer’s stock. Needham & Company LLC’s target price would suggest a potential upside of 23.67% from the stock’s previous close.

SIMO has been the subject of a number of other reports. B. Riley set a $69.00 price target on shares of Silicon Motion Technology and gave the stock a “buy” rating in a report on Wednesday, October 25th. Zacks Investment Research raised shares of Silicon Motion Technology from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. ValuEngine cut shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Loop Capital raised their target price on shares of Silicon Motion Technology from $51.00 to $59.00 and gave the stock a “buy” rating in a research report on Monday, October 9th. Finally, KeyCorp raised their target price on shares of Silicon Motion Technology from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, December 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $56.52.

Shares of Silicon Motion Technology (NASDAQ SIMO) traded down $4.61 during midday trading on Wednesday, hitting $46.09. 2,295,800 shares of the stock were exchanged, compared to its average volume of 924,750. The stock has a market capitalization of $1,630.00, a P/E ratio of 18.00 and a beta of 0.66. Silicon Motion Technology has a 1-year low of $37.37 and a 1-year high of $56.51.

Silicon Motion Technology (NASDAQ:SIMO) last issued 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. The business had revenue of $127.20 million during the quarter, compared to the consensus estimate of $127.24 million. Silicon Motion Technology had a net margin of 17.18% and a return on equity of 19.58%. The company’s quarterly revenue was down 19.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.07 earnings per share. sell-side analysts forecast that Silicon Motion Technology will post 2.31 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. Profund Advisors LLC lifted its position in Silicon Motion Technology by 5.2% during the second quarter. Profund Advisors LLC now owns 11,424 shares of the semiconductor producer’s stock valued at $551,000 after buying an additional 560 shares in the last quarter. Wells Fargo & Company MN lifted its position in Silicon Motion Technology by 1.2% during the second quarter. Wells Fargo & Company MN now owns 58,659 shares of the semiconductor producer’s stock valued at $2,829,000 after buying an additional 701 shares in the last quarter. Virtu KCG Holdings LLC lifted its position in Silicon Motion Technology by 25.3% during the second quarter. Virtu KCG Holdings LLC now owns 5,770 shares of the semiconductor producer’s stock valued at $278,000 after buying an additional 1,164 shares in the last quarter. Advisor Group Inc. lifted its position in Silicon Motion Technology by 23.4% during the second quarter. Advisor Group Inc. now owns 6,167 shares of the semiconductor producer’s stock valued at $297,000 after buying an additional 1,171 shares in the last quarter. Finally, DnB Asset Management AS lifted its position in Silicon Motion Technology by 11.8% during the fourth quarter. DnB Asset Management AS now owns 13,300 shares of the semiconductor producer’s stock valued at $704,000 after buying an additional 1,400 shares in the last quarter. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

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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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