Silicon Motion Technology (NASDAQ:SIMO) Stock Price Expected to Rise, Roth Capital Analyst Says

Silicon Motion Technology (NASDAQ:SIMO) had its target price upped by analysts at Roth Capital from $70.00 to $90.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor producer’s stock. Roth Capital’s price objective points to a potential upside of 25.89% from the company’s previous close.

Several other analysts have also recently weighed in on the stock. Needham & Company LLC decreased their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. B. Riley restated a “buy” rating and set a $90.00 price target (up from $75.00) on shares of Silicon Motion Technology in a research report on Thursday, June 5th. Bank of America upgraded Silicon Motion Technology from an “underperform” rating to a “neutral” rating and set a $47.00 price objective for the company in a research report on Wednesday, April 23rd. Finally, Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Moderate Buy” and an average target price of $83.89.

Silicon Motion Technology Trading Up 4.5%

Shares of SIMO opened at $71.49 on Tuesday. The stock has a market cap of $2.43 billion, a PE ratio of 25.62, a PEG ratio of 1.65 and a beta of 0.80. Silicon Motion Technology has a 1 year low of $37.21 and a 1 year high of $85.87. The stock has a 50 day simple moving average of $56.09 and a 200-day simple moving average of $54.46.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.16. Silicon Motion Technology had a return on equity of 12.00% and a net margin of 12.06%. The firm had revenue of $166.49 million for the quarter, compared to analysts’ expectations of $162.69 million. During the same period in the prior year, the business posted $0.64 earnings per share. The business’s revenue was down 12.1% compared to the same quarter last year. On average, sell-side analysts forecast that Silicon Motion Technology will post 3.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds have recently added to or reduced their stakes in the company. Clearline Capital LP lifted its stake in shares of Silicon Motion Technology by 67.5% in the 1st quarter. Clearline Capital LP now owns 289,846 shares of the semiconductor producer’s stock valued at $14,655,000 after purchasing an additional 116,850 shares during the period. Goldman Sachs Group Inc. increased its holdings in Silicon Motion Technology by 155.0% in the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock valued at $3,741,000 after purchasing an additional 44,976 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in Silicon Motion Technology by 2.9% in the first quarter. Adage Capital Partners GP L.L.C. now owns 646,264 shares of the semiconductor producer’s stock valued at $32,675,000 after buying an additional 18,054 shares during the period. Royal Bank of Canada boosted 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 buying an additional 32,527 shares during the last quarter. Finally, Apis Capital Advisors LLC grew its position in shares of Silicon Motion Technology by 105.0% during the 1st quarter. Apis Capital Advisors LLC now owns 164,000 shares of the semiconductor producer’s stock worth $8,292,000 after buying an additional 84,000 shares during the period. 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.