Wedbush Reaffirms "Outperform" Rating for Silicon Motion Technology (NASDAQ:SIMO)

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report)'s stock had its "outperform" rating reiterated by stock analysts at Wedbush in a report released on Monday,RTT News reports. They currently have a $90.00 price target on the semiconductor producer's stock. Wedbush's price target indicates a potential upside of 60.51% from the stock's previous close.

Several other research firms also recently commented on SIMO. Susquehanna lowered their target price on shares of Silicon Motion Technology from $110.00 to $95.00 and set a "positive" rating on the stock in a research report on Friday, November 1st. Needham & Company LLC lowered their price objective on Silicon Motion Technology from $94.00 to $75.00 and set a "buy" rating on the stock in a report on Friday, November 1st. Morgan Stanley reduced their target price on Silicon Motion Technology from $78.00 to $65.00 and set an "overweight" rating for the company in a report on Monday, September 16th. Craig Hallum lowered their price target on Silicon Motion Technology from $96.00 to $90.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. Finally, Roth Mkm reduced their price objective 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. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $81.67.

Silicon Motion Technology Trading Up 4.0 %

NASDAQ SIMO traded up $2.17 on Monday, reaching $56.07. The stock had a trading volume of 234,504 shares, compared to its average volume of 370,026. Silicon Motion Technology has a 1 year low of $50.50 and a 1 year high of $85.87. The business has a 50 day moving average price of $55.16 and a 200 day moving average price of $63.66. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 21.24, a P/E/G ratio of 1.61 and a beta of 0.82.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cerity Partners LLC bought a new position in Silicon Motion Technology during the third quarter worth about $1,826,000. Harbor Capital Advisors Inc. lifted its position in shares of Silicon Motion Technology by 95.7% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 128,299 shares of the semiconductor producer's stock worth $7,793,000 after buying an additional 62,733 shares during the period. National Bank of Canada FI boosted its stake in Silicon Motion Technology by 6,186.7% in the 2nd quarter. National Bank of Canada FI now owns 47,150 shares of the semiconductor producer's stock valued at $3,766,000 after buying an additional 46,400 shares in the last quarter. FMR LLC grew its position in Silicon Motion Technology by 27.7% in the third quarter. FMR LLC now owns 2,239,574 shares of the semiconductor producer's stock valued at $136,032,000 after acquiring an additional 485,862 shares during the period. Finally, Resolute Capital Asset Partners LLC raised its stake in Silicon Motion Technology by 44.4% during the second quarter. Resolute Capital Asset Partners LLC now owns 65,000 shares of the semiconductor producer's stock worth $5,264,000 after acquiring an additional 20,000 shares in the last quarter. 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.

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