Craig Hallum Lowers Silicon Motion Technology (NASDAQ:SIMO) Price Target to $90.00

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) had its price objective reduced by investment analysts at Craig Hallum from $96.00 to $90.00 in a research report issued on Thursday, Marketbeat reports. The brokerage currently has a "buy" rating on the semiconductor producer's stock. Craig Hallum's target price points to a potential upside of 67.26% from the company's previous close.

SIMO has been the subject of a number of other research reports. B. Riley cut their price objective 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. Wedbush restated an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, October 2nd. Morgan Stanley cut their price objective on shares of Silicon Motion Technology from $78.00 to $65.00 and set an "overweight" rating for the company in a research report on Monday, September 16th. Needham & Company LLC upped their price target on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a "buy" rating in a research note on Monday, July 8th. Finally, Bank of America cut shares of Silicon Motion Technology from a "buy" rating to an "underperform" rating and lowered their price target for the stock from $90.00 to $60.00 in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $85.44.

Silicon Motion Technology Trading Down 3.9 %

SIMO stock traded down $2.20 on Thursday, hitting $53.81. The company's stock had a trading volume of 677,635 shares, compared to its average volume of 379,029. The firm has a 50 day moving average of $58.81 and a two-hundred day moving average of $69.46. Silicon Motion Technology has a 1 year low of $52.43 and a 1 year high of $85.87. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 20.38, a price-to-earnings-growth ratio of 0.88 and a beta of 0.83.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $206.75 million. During the same quarter in the prior year, the firm earned $0.33 EPS. Silicon Motion Technology's revenue for the quarter was up 50.1% on a year-over-year basis. As a group, equities analysts forecast that Silicon Motion Technology will post 2.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Silicon Motion Technology

Large investors have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its stake in Silicon Motion Technology by 3,971.4% in the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer's stock valued at $44,000 after acquiring an additional 556 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Silicon Motion Technology during the 2nd quarter worth about $139,000. LRI Investments LLC acquired a new stake in shares of Silicon Motion Technology during the 1st quarter worth about $150,000. PNC Financial Services Group Inc. boosted its stake in shares of Silicon Motion Technology by 48.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the semiconductor producer's stock worth $155,000 after purchasing an additional 821 shares during the last quarter. Finally, HBK Sorce Advisory LLC acquired a new stake in shares of Silicon Motion Technology during the 1st quarter worth about $204,000. 78.02% of the stock is 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.