Silicon Motion Technology (NASDAQ:SIMO) Rating Lowered to Hold at StockNews.com

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

Other equities analysts have also issued research reports about the stock. Morgan Stanley decreased their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an "overweight" rating for the company in a report on Monday, September 16th. Susquehanna reduced their target price on shares of Silicon Motion Technology from $110.00 to $95.00 and set a "positive" rating for the company in a research note on Friday, November 1st. Roth Mkm reduced their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Tuesday, October 8th. Needham & Company LLC reduced their target price on shares of Silicon Motion Technology from $94.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, November 1st. 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 research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.67.

Silicon Motion Technology Stock Performance

SIMO traded up $0.03 during trading on Wednesday, reaching $56.15. 235,601 shares of the company's stock were exchanged, compared to its average volume of 372,114. The company's fifty day moving average price is $55.70 and its 200-day moving average price is $64.99. Silicon Motion Technology has a fifty-two week low of $50.50 and a fifty-two week high of $85.87. The firm has a market capitalization of $1.89 billion, a PE ratio of 21.27, a P/E/G ratio of 1.55 and a beta of 0.82.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.07. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.52%. The company had revenue of $212.40 million during the quarter, compared to analyst estimates of $209.49 million. During the same quarter in the previous year, the business earned $0.32 EPS. The firm's revenue was up 23.3% on a year-over-year basis. Research analysts forecast that Silicon Motion Technology will post 2.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silicon Motion Technology

Several institutional investors and hedge funds 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 in the 3rd quarter valued at about $40,331,000. FMR LLC raised its holdings in shares of Silicon Motion Technology by 27.7% in the 3rd quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer's stock valued at $136,032,000 after purchasing an additional 485,862 shares during the period. Reinhart Partners LLC. raised its holdings in 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 valued at $65,622,000 after acquiring an additional 326,358 shares during the period. AIGH Capital Management LLC bought a new position in Silicon Motion Technology in the 2nd quarter valued at about $22,272,000. Finally, Hood River Capital Management LLC bought a new position in Silicon Motion Technology in the 2nd quarter valued at about $21,208,000. 78.02% of the stock is owned by institutional investors.

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.