Silicon Motion Technology (NASDAQ:SIMO) Downgraded to Hold Rating by StockNews.com

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) was downgraded by stock analysts at StockNews.com from a "buy" rating to a "hold" rating in a note issued to investors on Monday.

Several other equities analysts have also recently commented on SIMO. Susquehanna reduced their target price on Silicon Motion Technology from $110.00 to $95.00 and set a "positive" rating for the company in a research report on Friday. Roth Mkm decreased their price objective on shares of Silicon Motion Technology from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Tuesday, October 8th. Wedbush reiterated an "outperform" rating and set a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Craig Hallum lowered their price objective on shares of Silicon Motion Technology from $96.00 to $90.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Morgan Stanley reduced their target price on Silicon Motion Technology from $78.00 to $65.00 and set an "overweight" rating on the stock in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.67.

Silicon Motion Technology Stock Down 0.9 %

SIMO traded down $0.49 during trading on Monday, hitting $52.29. 161,411 shares of the company's stock were exchanged, compared to its average volume of 377,366. The stock has a market cap of $1.76 billion, a P/E ratio of 19.81, a PEG ratio of 0.85 and a beta of 0.84. Silicon Motion Technology has a fifty-two week low of $51.92 and a fifty-two week high of $85.87. The business's 50 day moving average is $58.17 and its two-hundred day moving average is $68.99.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.72% and a net margin of 10.90%. The business had revenue of $212.40 million for the quarter, compared to analysts' expectations of $209.49 million. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The business's revenue was up 23.3% on a year-over-year basis. On average, sell-side analysts forecast that Silicon Motion Technology will post 2.86 earnings per share for the current year.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. boosted its position in shares of Silicon Motion Technology by 3,971.4% during the second quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer's stock valued at $44,000 after buying an additional 556 shares during the period. Headlands Technologies LLC bought a new position in Silicon Motion Technology in the 2nd quarter valued at $139,000. LRI Investments LLC purchased a new stake in Silicon Motion Technology in the first quarter worth $150,000. Van ECK Associates Corp purchased a new stake in Silicon Motion Technology in the third quarter worth $151,000. Finally, HBK Sorce Advisory LLC bought a new stake in shares of Silicon Motion Technology during the first quarter worth $204,000. Institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.