Silicon Motion Technology (NASDAQ:SIMO) Price Target Increased to $101.00 by Analysts at B. Riley

Silicon Motion Technology (NASDAQ:SIMO) had its price target upped by B. Riley from $93.00 to $101.00 in a research report released on Wednesday, Benzinga reports. B. Riley currently has a buy rating on the semiconductor producer’s stock.

Several other equities research analysts have also issued reports on the company. JPMorgan Chase & Co. lifted their price target on Silicon Motion Technology from $77.00 to $85.00 and gave the stock an overweight rating in a research note on Thursday, February 8th. Wedbush reaffirmed an outperform rating and set a $85.00 price target on shares of Silicon Motion Technology in a research note on Wednesday. Craig Hallum lifted their price objective on Silicon Motion Technology from $75.00 to $80.00 and gave the stock a buy rating in a report on Wednesday, February 7th. Finally, Needham & Company LLC lifted their price objective on Silicon Motion Technology from $75.00 to $85.00 and gave the stock a buy rating in a report on Wednesday. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $87.57.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO opened at $79.56 on Wednesday. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of 50.35, a P/E/G ratio of 4.52 and a beta of 0.85. Silicon Motion Technology has a 52-week low of $49.50 and a 52-week high of $95.33. The stock has a fifty day moving average of $72.47 and a 200 day moving average of $63.33.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.12. Silicon Motion Technology had a return on equity of 7.01% and a net margin of 8.27%. The firm had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. Equities analysts forecast that Silicon Motion Technology will post 2.62 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Tuesday, February 20th were issued a dividend of $0.50 per share. The ex-dividend date was Friday, February 16th. This represents a $2.00 dividend on an annualized basis and a yield of 2.51%. Silicon Motion Technology’s dividend payout ratio is presently 125.95%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Millennium Management LLC increased its holdings in Silicon Motion Technology by 4.3% during the 4th quarter. Millennium Management LLC now owns 1,135,877 shares of the semiconductor producer’s stock valued at $73,821,000 after purchasing an additional 47,147 shares during the period. Morgan Stanley boosted its position in Silicon Motion Technology by 171.9% during the 4th quarter. Morgan Stanley now owns 1,119,471 shares of the semiconductor producer’s stock valued at $72,754,000 after acquiring an additional 707,765 shares in the last quarter. Sand Grove Capital Management LLP boosted its position in Silicon Motion Technology by 5.8% during the 4th quarter. Sand Grove Capital Management LLP now owns 1,061,055 shares of the semiconductor producer’s stock valued at $68,958,000 after acquiring an additional 58,496 shares in the last quarter. Alpine Associates Management Inc. boosted its position in Silicon Motion Technology by 0.3% during the 4th quarter. Alpine Associates Management Inc. now owns 955,514 shares of the semiconductor producer’s stock valued at $58,544,000 after acquiring an additional 3,300 shares in the last quarter. Finally, Hawk Ridge Capital Management LP boosted its position in Silicon Motion Technology by 63.1% during the 3rd quarter. Hawk Ridge Capital Management LP now owns 944,559 shares of the semiconductor producer’s stock valued at $48,409,000 after acquiring an additional 365,461 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

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.