Silicon Motion Technology (NASDAQ:SIMO) PT Raised to $105.00 at B. Riley

Silicon Motion Technology (NASDAQ:SIMO) had its target price boosted by equities researchers at B. Riley from $101.00 to $105.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor producer’s stock. B. Riley’s price objective suggests a potential upside of 32.51% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price objective on shares of Silicon Motion Technology in a research note on Monday. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Craig Hallum upped their target price on Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a research note on Monday. Morgan Stanley raised Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $59.00 to $88.00 in a research report on Monday. Finally, Susquehanna upped their price objective on Silicon Motion Technology from $100.00 to $110.00 and gave the company a “positive” rating in a research report on Monday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $91.13.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO opened at $79.24 on Monday. The stock has a fifty day moving average price of $75.00 and a 200 day moving average price of $66.12. Silicon Motion Technology has a 1-year low of $49.50 and a 1-year high of $95.33. The company has a market cap of $2.67 billion, a PE ratio of 45.02, a P/E/G ratio of 3.98 and a beta of 0.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly 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. The firm 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%. Analysts anticipate that Silicon Motion Technology will post 2.65 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its stake in Silicon Motion Technology by 1,250.9% in the third quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock worth $41,989,000 after purchasing an additional 758,640 shares in the last quarter. Kodai Capital Management LP acquired a new position in shares of Silicon Motion Technology in the 4th quarter worth approximately $44,073,000. Cooper Creek Partners Management LLC raised its position in shares of Silicon Motion Technology by 771.4% during the 3rd quarter. Cooper Creek Partners Management LLC now owns 760,554 shares of the semiconductor producer’s stock valued at $38,978,000 after acquiring an additional 673,278 shares in the last quarter. Invesco Ltd. bought a new position in Silicon Motion Technology during the third quarter worth $32,024,000. Finally, Segantii Capital Management Ltd boosted its holdings in Silicon Motion Technology by 178.0% in the third quarter. Segantii Capital Management Ltd now owns 833,991 shares of the semiconductor producer’s stock worth $42,742,000 after purchasing an additional 533,991 shares during the period. 78.02% of the stock is owned by hedge funds and other 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.