Silicon Motion Technology (NASDAQ:SIMO) PT Lowered to $55.00

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Silicon Motion Technology (NASDAQ:SIMO) had its price target dropped by equities researchers at Needham & Company LLC from $62.00 to $55.00 in a note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage currently has a “buy” rating on the semiconductor producer’s stock. Needham & Company LLC’s target price would suggest a potential upside of 32.95% from the company’s previous close.

A number of other research firms have also recently weighed in on SIMO. Zacks Investment Research cut Silicon Motion Technology from a “hold” rating to a “sell” rating and set a $47.00 price target on the stock. in a research note on Tuesday, July 21st. B. Riley upped their price target on Silicon Motion Technology from $55.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, April 30th. ValuEngine cut shares of Silicon Motion Technology from a “hold” rating to a “sell” rating in a report on Friday, July 17th. Cowen increased their target price on shares of Silicon Motion Technology from $54.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, June 22nd. Finally, BidaskClub cut shares of Silicon Motion Technology from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. Silicon Motion Technology currently has a consensus rating of “Hold” and a consensus price target of $51.31.

Shares of NASDAQ SIMO opened at $41.37 on Thursday. The company has a market capitalization of $1.51 billion, a P/E ratio of 17.31, a P/E/G ratio of 2.03 and a beta of 1.25. The company has a 50 day simple moving average of $44.50 and a 200-day simple moving average of $43.50. Silicon Motion Technology has a 1 year low of $26.72 and a 1 year high of $53.04.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.08. Silicon Motion Technology had a return on equity of 15.19% and a net margin of 15.71%. The company had revenue of $136.80 million during the quarter, compared to analyst estimates of $134.17 million. During the same period in the prior year, the business posted $0.52 earnings per share. The firm’s revenue for the quarter was up 38.5% compared to the same quarter last year. As a group, equities research analysts forecast that Silicon Motion Technology will post 2.86 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Morgan Stanley raised its position in shares of Silicon Motion Technology by 1,318.9% during the 1st quarter. Morgan Stanley now owns 438,290 shares of the semiconductor producer’s stock worth $16,068,000 after purchasing an additional 407,400 shares during the last quarter. Deutsche Bank AG lifted its position in shares of Silicon Motion Technology by 50,614.3% in the first quarter. Deutsche Bank AG now owns 3,550 shares of the semiconductor producer’s stock valued at $130,000 after acquiring an additional 3,543 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Silicon Motion Technology by 3.2% during the first quarter. Wells Fargo & Company MN now owns 56,579 shares of the semiconductor producer’s stock valued at $2,074,000 after acquiring an additional 1,749 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Silicon Motion Technology by 14.2% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,329 shares of the semiconductor producer’s stock valued at $118,000 after acquiring an additional 290 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Silicon Motion Technology by 11.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 65,537 shares of the semiconductor producer’s stock worth $3,196,000 after purchasing an additional 6,940 shares in the last quarter. 70.17% of the stock is currently owned by institutional investors.

About Silicon Motion Technology

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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