Shares of Silicon Motion Technology Co. (NASDAQ:SIMO – Get Free Report) gapped up before the market opened on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $77.00 to $85.00. The stock had previously closed at $64.93, but opened at $67.78. JPMorgan Chase & Co. currently has an overweight rating on the stock. Silicon Motion Technology shares last traded at $65.55, with a volume of 203,820 shares changing hands.
Other equities analysts have also recently issued research reports about the stock. Needham & Company LLC reiterated a “buy” rating and issued a $75.00 price objective on shares of Silicon Motion Technology in a research note on Monday, January 8th. B. Riley upgraded shares of Silicon Motion Technology from a “neutral” rating to a “buy” rating and increased their price target for the stock from $64.00 to $90.00 in a research report on Wednesday. Roth Mkm raised shares of Silicon Motion Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $60.00 to $75.00 in a research report on Thursday, November 2nd. Wedbush restated an “outperform” rating and issued a $85.00 price objective on shares of Silicon Motion Technology in a research note on Thursday. Finally, Craig Hallum lifted their target price on Silicon Motion Technology from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $84.57.
Institutional Inflows and Outflows
Silicon Motion Technology Price Performance
The firm’s 50-day moving average price is $61.77 and its 200-day moving average price is $57.81. The stock has a market cap of $2.27 billion, a P/E ratio of 42.97, a PEG ratio of 3.34 and a beta of 0.82.
Silicon Motion Technology Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Tuesday, February 20th will be issued a $0.50 dividend. The ex-dividend date is Friday, February 16th. This represents a $2.00 dividend on an annualized basis and a yield of 2.95%. Silicon Motion Technology’s dividend payout ratio is currently 125.95%.
About Silicon Motion Technology
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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