Silicon Motion Technology (NASDAQ:SIMO) Rating Lowered to Buy at Wall Street Zen

Silicon Motion Technology (NASDAQ:SIMO) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Saturday.

A number of other analysts have also weighed in on SIMO. JPMorgan Chase & Co. increased their target price on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Wedbush boosted their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. Finally, Roth Mkm reiterated a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $246.43.

Silicon Motion Technology Price Performance

Shares of SIMO opened at $300.71 on Friday. The stock has a market capitalization of $10.20 billion, a P/E ratio of 59.78, a PEG ratio of 0.67 and a beta of 1.70. The firm has a fifty day simple moving average of $269.67 and a two-hundred day simple moving average of $170.84. Silicon Motion Technology has a twelve month low of $70.12 and a twelve month high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The business had revenue of $342.11 million for the quarter, compared to analyst estimates of $299.53 million. During the same quarter last year, the firm earned $0.60 EPS. The company’s revenue was up 105.5% on a year-over-year basis. Sell-side analysts expect that Silicon Motion Technology will post 8.35 EPS for the current fiscal year.

Insider Buying and Selling at Silicon Motion Technology

In other Silicon Motion Technology news, Director Han-Ping Shieh sold 1,000 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total value of $328,000.00. Following the completion of the transaction, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. This represents a 11.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the completion of the sale, the director directly owned 8,500 shares of the company’s stock, valued at approximately $2,592,500. This represents a 19.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,000 shares of company stock valued at $1,239,250 over the last 90 days. Company insiders own 5.34% of the company’s stock.

Hedge Funds Weigh In On Silicon Motion Technology

A number of institutional investors have recently bought and sold shares of SIMO. Brown Brothers Harriman & Co. bought a new stake in Silicon Motion Technology during the 3rd quarter valued at approximately $26,000. WealthCollab LLC grew its holdings 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 acquiring an additional 151 shares during the period. Arax Advisory Partners raised its position in shares of Silicon Motion Technology by 220.9% in the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after acquiring an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after acquiring an additional 366 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC purchased a new position in shares of Silicon Motion Technology in the 4th quarter valued at approximately $71,000. 78.02% of the stock is owned by institutional investors.

About Silicon Motion Technology

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.