Silicon Motion Technology Corporation (NASDAQ:SIMO) Receives Average Recommendation of “Buy” from Brokerages

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have received an average recommendation of “Buy” from the ten brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $246.4286.

Several analysts recently issued reports on the stock. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. JPMorgan Chase & Co. lifted their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Susquehanna boosted their price target on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Finally, Craig Hallum reaffirmed a “buy” rating and set a $250.00 price objective on shares of Silicon Motion Technology in a research report on Thursday, April 30th.

Silicon Motion Technology Trading Down 7.5%

Silicon Motion Technology stock opened at $294.90 on Wednesday. The company has a 50-day moving average price of $276.04 and a 200 day moving average price of $174.56. Silicon Motion Technology has a 12-month low of $70.12 and a 12-month high of $355.00. The stock has a market cap of $10.00 billion, a P/E ratio of 58.63, a PEG ratio of 0.71 and a beta of 1.70.

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

Insiders Place Their Bets

In related news, Director Kuan-Ming Lin sold 2,000 shares of the business’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total value of $610,000.00. Following the sale, the director owned 8,500 shares in the company, valued at approximately $2,592,500. The trade was a 19.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $328.00, for a total value of $328,000.00. Following the transaction, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. The trade was a 11.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,000 shares of company stock worth $1,239,250 over the last 90 days. 5.34% of the stock is owned by insiders.

Institutional Trading of Silicon Motion Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SIMO. Cooper Investors PTY Ltd. acquired a new stake in shares of Silicon Motion Technology during the second quarter worth about $34,000. Brown Brothers Harriman & Co. purchased a new position in shares of Silicon Motion Technology in the third quarter valued at approximately $26,000. WealthCollab LLC grew its holdings in shares of Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after purchasing an additional 151 shares in the last quarter. Arax Advisory Partners increased its stake in 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 buying an additional 307 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in 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 buying an additional 366 shares during the period. 78.02% of the stock is currently owned by hedge funds and other 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.