Silicon Motion Technology Corporation (SIMO) Given Buy Rating at Needham & Company LLC

Silicon Motion Technology Corporation (NASDAQ:SIMO)‘s stock had its “buy” rating restated by Needham & Company LLC in a note issued to investors on Wednesday. They presently have a $60.00 target price on the stock. Needham & Company LLC’s price target suggests a potential upside of 42.86% from the company’s previous close.

SIMO has been the topic of several other reports. Northland Securities reiterated an “outperform” rating and issued a $60.00 price target on shares of Silicon Motion Technology Corporation in a research note on Wednesday, October 5th. Loop Capital started coverage on shares of Silicon Motion Technology Corporation in a research note on Monday, December 5th. They issued a “buy” rating and a $55.00 price target on the stock. Brean Capital reiterated a “buy” rating on shares of Silicon Motion Technology Corporation in a research note on Thursday, December 1st. Roth Capital started coverage on shares of Silicon Motion Technology Corporation in a research note on Wednesday, September 28th. They issued a “buy” rating and a $60.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Silicon Motion Technology Corporation from a “hold” rating to a “strong-buy” rating and set a $55.00 price target on the stock in a research note on Tuesday, October 25th. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Silicon Motion Technology Corporation presently has a consensus rating of “Buy” and a consensus price target of $53.91.

Analyst Recommendations for Silicon Motion Technology Corporation (NASDAQ:SIMO)

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) traded up 4.67% during mid-day trading on Wednesday, reaching $43.96. 650,681 shares of the company’s stock traded hands. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 15.91 and a beta of 0.93. The firm’s 50-day moving average is $44.85 and its 200 day moving average is $48.58. Silicon Motion Technology Corporation has a one year low of $27.45 and a one year high of $56.25.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last released its earnings results on Thursday, October 27th. The company reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.13. Silicon Motion Technology Corporation had a net margin of 19.25% and a return on equity of 26.18%. The firm had revenue of $158.60 million for the quarter, compared to analyst estimates of $149.16 million. During the same period in the prior year, the firm earned $0.57 earnings per share. The business’s quarterly revenue was up 66.2% compared to the same quarter last year. Analysts predict that Silicon Motion Technology Corporation will post $3.50 earnings per share for the current year.

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Large investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC increased its stake in Silicon Motion Technology Corporation by 9.0% in the second quarter. Janney Montgomery Scott LLC now owns 29,742 shares of the company’s stock worth $933,000 after buying an additional 2,460 shares during the period. Neumeier Poma Investment Counsel LLC acquired a new stake in Silicon Motion Technology Corporation during the second quarter worth approximately $3,356,000. Freestone Capital Holdings LLC increased its stake in Silicon Motion Technology Corporation by 2.6% in the second quarter. Freestone Capital Holdings LLC now owns 64,791 shares of the company’s stock worth $3,097,000 after buying an additional 1,655 shares during the period. First Mercantile Trust Co. increased its stake in Silicon Motion Technology Corporation by 70.4% in the second quarter. First Mercantile Trust Co. now owns 16,700 shares of the company’s stock worth $798,000 after buying an additional 6,900 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Silicon Motion Technology Corporation by 12.6% in the second quarter. Principal Financial Group Inc. now owns 408,153 shares of the company’s stock worth $19,510,000 after buying an additional 45,766 shares during the period. 67.42% of the stock is owned by institutional investors.

Silicon Motion Technology Corporation Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

5 Day Chart for NASDAQ:SIMO

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