Silicon Motion Technology (NASDAQ:SIMO) Rating Reiterated by Wedbush

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Wedbush in a research note issued on Wednesday, Benzinga reports. They currently have a $85.00 price target on the semiconductor producer’s stock. Wedbush’s target price would indicate a potential upside of 9.25% from the company’s previous close.

A number of other analysts have also weighed in on the stock. B. Riley reaffirmed a “buy” rating and issued a $93.00 price objective (up from $90.00) on shares of Silicon Motion Technology in a research note on Friday, March 15th. Craig Hallum increased their price target on shares of Silicon Motion Technology from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Needham & Company LLC increased their price target on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. increased their price target on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.57.

Silicon Motion Technology Price Performance

NASDAQ:SIMO opened at $77.80 on Wednesday. Silicon Motion Technology has a 1-year low of $49.50 and a 1-year high of $95.33. The company has a 50-day moving average of $72.75 and a 200 day moving average of $63.43. The firm has a market cap of $2.57 billion, a PE ratio of 49.24, a price-to-earnings-growth ratio of 4.52 and a beta of 0.85.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.27% and a return on equity of 7.01%. The company had revenue of $202.38 million during the quarter, compared to analyst estimates of $197.60 million. Sell-side analysts anticipate that Silicon Motion Technology will post 2.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

Several hedge funds and other institutional investors have recently bought and sold shares of SIMO. 1832 Asset Management L.P. acquired a new stake in shares of Silicon Motion Technology during the 4th quarter worth approximately $26,000. Parallel Advisors LLC grew its stake in shares of Silicon Motion Technology by 154.9% during the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after purchasing an additional 333 shares during the period. Signaturefd LLC grew its stake in shares of Silicon Motion Technology by 183.5% during the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock worth $35,000 after purchasing an additional 444 shares during the period. Quarry LP acquired a new stake in shares of Silicon Motion Technology during the 2nd quarter worth approximately $36,000. Finally, Barclays PLC acquired a new stake in shares of Silicon Motion Technology during the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

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.