Silicon Motion Technology Corporation (NASDAQ:SIMO) Given Consensus Recommendation of “Buy” by Analysts

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have been given an average recommendation of “Buy” by the twelve ratings firms that are currently covering the stock, MarketBeat.com reports. Eleven research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $132.50.

A number of research analysts have recently weighed in on the company. William Blair initiated coverage on Silicon Motion Technology in a report on Thursday, January 22nd. They issued an “outperform” rating on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Silicon Motion Technology in a research report on Monday, December 29th. Needham & Company LLC raised their price target on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Zacks Research raised shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Friday, February 6th. Finally, Roth Mkm set a $140.00 price objective on shares of Silicon Motion Technology and gave the stock a “buy” rating in a research note on Wednesday, February 4th.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada grew its holdings in Silicon Motion Technology by 87.6% during the first quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock worth $3,522,000 after acquiring an additional 32,527 shares during the period. Goldman Sachs Group Inc. boosted its position in Silicon Motion Technology by 155.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after purchasing an additional 44,976 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Silicon Motion Technology by 22.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 114,840 shares of the semiconductor producer’s stock worth $8,632,000 after purchasing an additional 21,019 shares during the period. Assetmark Inc. increased its holdings in shares of Silicon Motion Technology by 15.1% during the 2nd quarter. Assetmark Inc. now owns 2,191 shares of the semiconductor producer’s stock valued at $165,000 after purchasing an additional 287 shares in the last quarter. Finally, Atria Investments Inc purchased a new position in shares of Silicon Motion Technology during the 2nd quarter valued at approximately $302,000. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Price Performance

NASDAQ SIMO opened at $122.30 on Thursday. The company has a market cap of $4.16 billion, a price-to-earnings ratio of 33.60, a PEG ratio of 0.79 and a beta of 1.02. The stock’s fifty day moving average price is $118.45 and its 200 day moving average price is $99.48. Silicon Motion Technology has a 1 year low of $37.21 and a 1 year high of $146.85.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.