Silicon Motion Technology Corporation (NASDAQ:SIMO) Given Average Rating of “Buy” by Brokerages

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have earned a consensus recommendation of “Buy” from the twelve analysts that are covering the stock, Marketbeat Ratings reports. Eleven analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $132.50.

SIMO has been the topic of a number of recent research reports. Craig Hallum reiterated a “buy” rating and issued a $160.00 price objective on shares of Silicon Motion Technology in a research report on Thursday, February 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Silicon Motion Technology in a research report on Monday, December 29th. B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 6th. Finally, Wedbush boosted their price objective on Silicon Motion Technology from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th.

Institutional Investors Weigh In On Silicon Motion Technology

Several institutional investors have recently modified their holdings of SIMO. Apis Capital Advisors LLC boosted its stake in Silicon Motion Technology by 11.7% in the third quarter. Apis Capital Advisors LLC now owns 286,000 shares of the semiconductor producer’s stock valued at $27,116,000 after acquiring an additional 30,000 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Silicon Motion Technology during the 3rd quarter valued at $1,070,000. Elevation Point Wealth Partners LLC bought a new stake in shares of Silicon Motion Technology during the 2nd quarter valued at $263,000. Grantham Mayo Van Otterloo & Co. LLC acquired a new position in shares of Silicon Motion Technology in the 2nd quarter valued at $1,210,000. Finally, Neumeier Poma Investment Counsel LLC lifted its stake in shares of Silicon Motion Technology by 10.7% in the 3rd quarter. Neumeier Poma Investment Counsel LLC now owns 478,463 shares of the semiconductor producer’s stock valued at $45,363,000 after purchasing an additional 46,208 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Price Performance

Shares of Silicon Motion Technology stock opened at $110.06 on Monday. The firm has a 50 day simple moving average of $124.61 and a 200 day simple moving average of $104.62. Silicon Motion Technology has a fifty-two week low of $37.21 and a fifty-two week high of $146.85. The firm has a market cap of $3.74 billion, a P/E ratio of 30.24, a P/E/G ratio of 0.73 and a beta of 1.02.

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.