Silicon Motion Technology (NASDAQ:SIMO) Receives "Buy" Rating from Needham & Company LLC

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $70.00 target price on the semiconductor producer's stock. Needham & Company LLC's price objective suggests a potential upside of 28.23% from the company's previous close.

Several other research firms have also commented on SIMO. Wedbush reaffirmed an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a research report on Monday, December 23rd. Susquehanna reduced their price target on shares of Silicon Motion Technology from $110.00 to $95.00 and set a "positive" rating for the company in a research report on Friday, November 1st. StockNews.com raised shares of Silicon Motion Technology from a "hold" rating to a "buy" rating in a research report on Wednesday, February 5th. Finally, Craig Hallum reduced their target price on shares of Silicon Motion Technology from $96.00 to $90.00 and set a "buy" rating for the company in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $80.63.

Silicon Motion Technology Stock Up 2.5 %

SIMO traded up $1.31 on Friday, reaching $54.59. The company's stock had a trading volume of 265,515 shares, compared to its average volume of 381,504. Silicon Motion Technology has a fifty-two week low of $48.81 and a fifty-two week high of $85.87. The stock has a 50 day moving average of $54.62 and a two-hundred day moving average of $57.23. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 20.29, a P/E/G ratio of 1.34 and a beta of 0.79.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.59% and a net margin of 11.29%. As a group, analysts anticipate that Silicon Motion Technology will post 2.91 earnings per share for the current fiscal year.

Silicon Motion Technology announced that its board has initiated a stock repurchase plan on Wednesday, February 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor producer to purchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Institutional Trading of Silicon Motion Technology

Institutional investors have recently added to or reduced their stakes in the business. Erste Asset Management GmbH bought a new stake in shares of Silicon Motion Technology during the 3rd quarter valued at about $40,331,000. FMR LLC raised its position in shares of Silicon Motion Technology by 27.7% during the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer's stock worth $136,032,000 after purchasing an additional 485,862 shares during the period. Reinhart Partners LLC. lifted its holdings in shares of Silicon Motion Technology by 43.3% in the 3rd quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer's stock worth $65,622,000 after purchasing an additional 326,358 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new position in Silicon Motion Technology during the 3rd quarter valued at approximately $13,211,000. Finally, Lord Abbett & CO. LLC lifted its stake in Silicon Motion Technology by 21.7% in the third quarter. Lord Abbett & CO. LLC now owns 1,103,913 shares of the semiconductor producer's stock valued at $67,051,000 after buying an additional 196,609 shares during the last quarter. 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.