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

Silicon Motion Technology Corporation (NASDAQ:SIMO) has been given an average recommendation of “Buy” by the twelve analysts that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $205.6250.

Several brokerages recently issued reports on SIMO. Roth Mkm reissued a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. JPMorgan Chase & Co. increased their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Weiss Ratings cut Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Craig Hallum reissued a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Finally, B. Riley Financial reissued a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th.

Silicon Motion Technology Stock Up 2.2%

Shares of NASDAQ:SIMO opened at $280.49 on Friday. Silicon Motion Technology has a 52-week low of $66.07 and a 52-week high of $314.34. The stock has a market cap of $9.51 billion, a P/E ratio of 55.76, a price-to-earnings-growth ratio of 0.67 and a beta of 1.72. The business’s 50 day moving average is $214.29 and its 200 day moving average is $147.40.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.27. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The company had revenue of $342.11 million for the quarter, compared to analysts’ expectations of $299.53 million. During the same quarter in the prior year, the firm earned $0.60 earnings per share. Silicon Motion Technology’s revenue was up 105.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Silicon Motion Technology will post 7.65 EPS for the current fiscal year.

Institutional Trading of Silicon Motion Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Brown Brothers Harriman & Co. purchased a new stake in shares of Silicon Motion Technology during the 3rd quarter worth $26,000. WealthCollab LLC lifted its stake in shares of Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after purchasing an additional 151 shares during the last quarter. Arax Advisory Partners lifted its stake in shares of Silicon Motion Technology by 220.9% during the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after purchasing an additional 307 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC purchased a new stake in shares of Silicon Motion Technology during the 4th quarter worth $71,000. Institutional investors own 78.02% of the company’s stock.

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.