Silicon Motion Technology (NASDAQ:SIMO) Rating Increased to Overweight at Morgan Stanley

Silicon Motion Technology (NASDAQ:SIMO) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Monday, MarketBeat reports. The brokerage presently has a $88.00 price objective on the semiconductor producer’s stock, up from their prior price objective of $59.00. Morgan Stanley’s price objective would suggest a potential upside of 18.98% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Needham & Company LLC increased their target price on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. B. Riley raised their price target on Silicon Motion Technology from $93.00 to $101.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Wedbush restated an “outperform” rating and issued a $85.00 target price on shares of Silicon Motion Technology in a research note on Friday. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. lifted their price target on Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 8th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $89.63.

Silicon Motion Technology Stock Up 0.8 %

SIMO stock opened at $73.96 on Monday. The business’s 50-day simple moving average is $74.63 and its 200 day simple moving average is $65.79. Silicon Motion Technology has a twelve month low of $49.50 and a twelve month high of $95.33. The company has a market cap of $2.49 billion, a PE ratio of 42.02, a price-to-earnings-growth ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.12. The company had revenue of $202.38 million during the quarter, compared to analysts’ expectations of $197.60 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. On average, equities research analysts anticipate that Silicon Motion Technology will post 2.65 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GABELLI & Co INVESTMENT ADVISERS INC. lifted its holdings in Silicon Motion Technology by 127.3% during the third quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 60,909 shares of the semiconductor producer’s stock worth $3,122,000 after acquiring an additional 34,111 shares in the last quarter. New York State Common Retirement Fund bought a new position in shares of Silicon Motion Technology during the 3rd quarter worth approximately $837,000. Canada Pension Plan Investment Board acquired a new stake in shares of Silicon Motion Technology in the third quarter valued at approximately $636,000. Invesco Ltd. bought a new stake in shares of Silicon Motion Technology in the third quarter worth $32,024,000. Finally, Massachusetts Financial Services Co. MA bought a new position in Silicon Motion Technology in the third quarter valued at $15,512,000. 78.02% of the stock is currently owned by institutional investors.

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.