StockNews.com Downgrades Silicon Motion Technology (NASDAQ:SIMO) to Hold

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) was downgraded by investment analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Friday.

A number of other equities analysts also recently commented on SIMO. Needham & Company LLC upped their price objective on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a "buy" rating in a research report on Monday, July 8th. Bank of America downgraded shares of Silicon Motion Technology from a "buy" rating to an "underperform" rating and dropped their price objective for the company from $90.00 to $60.00 in a research note on Friday, August 16th. Finally, B. Riley decreased their price target on shares of Silicon Motion Technology from $112.00 to $95.00 and set a "buy" rating for the company in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $87.56.

Silicon Motion Technology Stock Performance

NASDAQ SIMO traded down $1.58 during trading hours on Friday, reaching $56.92. The stock had a trading volume of 282,692 shares, compared to its average volume of 408,509. The stock has a fifty day moving average of $69.33 and a 200 day moving average of $73.94. The stock has a market cap of $1.92 billion, a P/E ratio of 32.34, a price-to-earnings-growth ratio of 1.00 and a beta of 0.84. Silicon Motion Technology has a 52-week low of $49.50 and a 52-week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The firm had revenue of $210.67 million for the quarter, compared to analyst estimates of $206.75 million. During the same period in the previous year, the business posted $0.33 earnings per share. Silicon Motion Technology's quarterly revenue was up 50.1% on a year-over-year basis. On average, equities research analysts forecast that Silicon Motion Technology will post 2.86 EPS for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

Several large investors have recently modified their holdings of the company. Kodai Capital Management LP bought a new stake in Silicon Motion Technology in the fourth quarter worth about $44,073,000. Caxton Associates LP purchased a new position in Silicon Motion Technology during the 4th quarter valued at $3,494,000. Keeley Teton Advisors LLC grew its position in shares of Silicon Motion Technology by 132.2% in the 4th quarter. Keeley Teton Advisors LLC now owns 20,875 shares of the semiconductor producer's stock worth $1,279,000 after buying an additional 11,885 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of Silicon Motion Technology in the 1st quarter worth about $53,676,000. Finally, Russell Investments Group Ltd. grew its position in Silicon Motion Technology by 3,282.3% during the 4th quarter. Russell Investments Group Ltd. now owns 71,807 shares of the semiconductor producer's stock valued at $4,386,000 after purchasing an additional 69,684 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.

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