Silicon Motion Technology (NASDAQ:SIMO) Downgraded to “Hold” at StockNews.com

Silicon Motion Technology (NASDAQ:SIMOGet Rating) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

Other analysts have also recently issued research reports about the stock. Roth Capital cut shares of Silicon Motion Technology from a “buy” rating to a “neutral” rating in a research note on Thursday, May 5th. Needham & Company LLC cut shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Thursday, May 5th. Susquehanna lowered shares of Silicon Motion Technology from a “positive” rating to a “neutral” rating in a research report on Thursday, May 5th. B. Riley lowered shares of Silicon Motion Technology from a “buy” rating to a “neutral” rating in a research report on Friday, May 6th. Finally, Susquehanna Bancshares lowered shares of Silicon Motion Technology from a “positive” rating to a “neutral” rating in a research report on Thursday, May 5th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.43.

SIMO stock opened at $84.32 on Wednesday. The stock has a market capitalization of $2.90 billion, a P/E ratio of 13.32, a P/E/G ratio of 1.30 and a beta of 1.00. The firm has a 50-day simple moving average of $86.47 and a 200-day simple moving average of $82.16. Silicon Motion Technology has a 52 week low of $58.86 and a 52 week high of $98.65.

Silicon Motion Technology (NASDAQ:SIMOGet Rating) last released its earnings results on Thursday, May 5th. The semiconductor producer reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.19. The business had revenue of $242.00 million during the quarter, compared to analysts’ expectations of $239.46 million. Silicon Motion Technology had a net margin of 22.42% and a return on equity of 33.47%. The company’s quarterly revenue was up 32.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.98 earnings per share. On average, equities research analysts expect that Silicon Motion Technology will post 7.22 earnings per share for the current year.

Several hedge funds have recently modified their holdings of the company. Strategic Wealth Partners Ltd. lifted its holdings in shares of Silicon Motion Technology by 31.9% in the 1st quarter. Strategic Wealth Partners Ltd. now owns 41,648 shares of the semiconductor producer’s stock worth $2,783,000 after acquiring an additional 10,079 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of Silicon Motion Technology by 76.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 94,996 shares of the semiconductor producer’s stock worth $6,348,000 after acquiring an additional 41,020 shares during the last quarter. Worth Venture Partners LLC lifted its holdings in shares of Silicon Motion Technology by 11.4% in the 1st quarter. Worth Venture Partners LLC now owns 93,572 shares of the semiconductor producer’s stock worth $6,252,000 after acquiring an additional 9,600 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Silicon Motion Technology by 4.3% in the 1st quarter. Advisors Asset Management Inc. now owns 43,048 shares of the semiconductor producer’s stock worth $2,876,000 after acquiring an additional 1,756 shares during the last quarter. Finally, Penn Capital Management Company LLC lifted its holdings in shares of Silicon Motion Technology by 2.9% in the 1st quarter. Penn Capital Management Company LLC now owns 175,316 shares of the semiconductor producer’s stock worth $12,395,000 after acquiring an additional 4,887 shares during the last quarter. Hedge funds and other institutional investors own 76.60% of the company’s stock.

About Silicon Motion Technology (Get Rating)

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. It 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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Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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