Needham & Company LLC Reaffirms Buy Rating for Silicon Motion Technology (NASDAQ:SIMO)

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “buy” rating restated by Needham & Company LLC in a research report issued on Monday, Benzinga reports. They presently have a $85.00 target price on the semiconductor producer’s stock. Needham & Company LLC’s target price would indicate a potential upside of 14.93% from the stock’s previous close.

SIMO has been the topic of a number of other research reports. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Friday. JPMorgan Chase & Co. increased their price objective on Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 8th. Craig Hallum increased their price objective on Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a report on Monday. B. Riley increased their price objective on Silicon Motion Technology from $93.00 to $101.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Finally, Wedbush restated an “outperform” rating and set a $85.00 price target on shares of Silicon Motion Technology in a research note on Friday. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $89.63.

Silicon Motion Technology Trading Up 0.8 %

NASDAQ SIMO opened at $73.96 on Monday. The stock has a market cap of $2.49 billion, a PE ratio of 42.02, a P/E/G ratio of 3.98 and a beta of 0.87. Silicon Motion Technology has a twelve month low of $49.50 and a twelve month high of $95.33. The stock has a fifty day simple moving average of $74.63 and a 200-day simple moving average of $65.79.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.12. Silicon Motion Technology had a return on equity of 7.77% and a net margin of 8.34%. The firm had revenue of $202.38 million for the quarter, compared to analyst estimates of $197.60 million. Research analysts predict that Silicon Motion Technology will post 2.65 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. GABELLI & Co INVESTMENT ADVISERS INC. increased its position in shares of Silicon Motion Technology by 127.3% in the third quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 60,909 shares of the semiconductor producer’s stock valued at $3,122,000 after buying an additional 34,111 shares in the last quarter. New York State Common Retirement Fund acquired a new stake in shares of Silicon Motion Technology during the third quarter valued at $837,000. Canada Pension Plan Investment Board acquired a new stake in shares of Silicon Motion Technology during the third quarter valued at $636,000. Invesco Ltd. acquired a new stake in shares of Silicon Motion Technology during the third quarter valued at $32,024,000. Finally, Massachusetts Financial Services Co. MA acquired a new stake in shares of Silicon Motion Technology during the third quarter valued at $15,512,000. Hedge funds and other institutional investors 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.