Silicon Motion Technology (SIMO) Price Target Lowered to $55.00 at Cowen

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Silicon Motion Technology (NASDAQ:SIMO) had its price target reduced by Cowen from $67.00 to $55.00 in a research report issued to clients and investors on Wednesday. The brokerage presently has an “outperform” rating on the semiconductor producer’s stock. Cowen’s target price suggests a potential upside of 45.35% from the stock’s current price.

A number of other research analysts also recently commented on SIMO. ValuEngine downgraded shares of Silicon Motion Technology from a “hold” rating to a “sell” rating in a research report on Saturday. BidaskClub downgraded shares of Silicon Motion Technology from a “sell” rating to a “strong sell” rating in a research report on Wednesday. Morgan Stanley reaffirmed an “equal weight” rating on shares of Silicon Motion Technology in a research report on Thursday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, August 1st. Finally, KeyCorp increased their target price on shares of Silicon Motion Technology from $54.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, July 5th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $58.15.

Shares of SIMO traded down $0.52 during midday trading on Wednesday, reaching $37.84. The stock had a trading volume of 1,606,864 shares, compared to its average volume of 446,567. Silicon Motion Technology has a 1-year low of $36.26 and a 1-year high of $61.85. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of 18.11 and a beta of 0.42.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Tuesday, October 30th. The semiconductor producer reported $0.95 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.07. The business had revenue of $138.60 million for the quarter, compared to analyst estimates of $137.36 million. Silicon Motion Technology had a net margin of 15.28% and a return on equity of 15.97%. The company’s revenue was up 9.0% on a year-over-year basis. During the same period last year, the business earned $0.57 EPS. Equities research analysts expect that Silicon Motion Technology will post 3.12 EPS for the current year.

Institutional investors have recently modified their holdings of the business. Point72 Asset Management L.P. grew its position in Silicon Motion Technology by 169.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 69,614 shares of the semiconductor producer’s stock worth $3,682,000 after purchasing an additional 43,812 shares during the last quarter. Investec Asset Management LTD grew its position in Silicon Motion Technology by 0.6% during the 2nd quarter. Investec Asset Management LTD now owns 445,556 shares of the semiconductor producer’s stock worth $23,565,000 after purchasing an additional 2,781 shares during the last quarter. United Services Automobile Association grew its position in Silicon Motion Technology by 22.7% during the 2nd quarter. United Services Automobile Association now owns 225,595 shares of the semiconductor producer’s stock worth $11,932,000 after purchasing an additional 41,700 shares during the last quarter. OppenheimerFunds Inc. purchased a new position in Silicon Motion Technology during the 2nd quarter worth $396,000. Finally, Morse Asset Management Inc grew its position in Silicon Motion Technology by 68.3% during the 2nd quarter. Morse Asset Management Inc now owns 19,605 shares of the semiconductor producer’s stock worth $1,037,000 after purchasing an additional 7,955 shares during the last quarter. 74.95% of the stock is currently owned by institutional investors.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.

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Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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