Silicon Motion Technology (SIMO) Price Target Cut to $57.00

Silicon Motion Technology (NASDAQ:SIMO) had its price objective dropped by investment analysts at B. Riley from $68.75 to $57.00 in a report issued on Thursday. The brokerage presently has a “buy” rating on the semiconductor producer’s stock. B. Riley’s target price indicates a potential upside of 48.05% from the company’s current price.

SIMO has been the subject of several other reports. Morgan Stanley lowered shares of Silicon Motion Technology from an “overweight” rating to an “equal” rating and set a $54.00 price objective for the company. in a report on Wednesday, August 1st. BidaskClub lowered shares of Silicon Motion Technology from a “hold” rating to a “sell” rating in a report on Thursday, October 11th. Zacks Investment Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Monday, October 8th. KeyCorp started coverage on shares of Silicon Motion Technology in a report on Tuesday, September 25th. They issued a “sector weight” rating and a $60.00 price objective for the company. Finally, ValuEngine lowered shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Monday, October 8th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $56.31.

SIMO traded up $0.91 during trading on Thursday, hitting $38.50. 6,675 shares of the stock traded hands, compared to its average volume of 494,900. Silicon Motion Technology has a 12-month low of $35.25 and a 12-month high of $61.85. The stock has a market capitalization of $1.39 billion, a P/E ratio of 18.50 and a beta of 0.42.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, October 30th. The semiconductor producer reported $0.95 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.07. Silicon Motion Technology had a net margin of 17.10% and a return on equity of 18.45%. The business had revenue of $138.60 million during the quarter, compared to analyst estimates of $137.36 million. During the same period in the prior year, the business earned $0.57 EPS. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. On average, analysts predict that Silicon Motion Technology will post 3.12 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of the stock. Hussman Strategic Advisors Inc. bought a new stake in Silicon Motion Technology during the 3rd quarter valued at about $2,685,000. Acadian Asset Management LLC bought a new stake in Silicon Motion Technology during the 3rd quarter valued at about $1,752,000. Russell Investments Group Ltd. increased its stake in Silicon Motion Technology by 5.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 174,291 shares of the semiconductor producer’s stock valued at $9,360,000 after purchasing an additional 9,705 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Silicon Motion Technology by 4.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,530,366 shares of the semiconductor producer’s stock valued at $135,881,000 after purchasing an additional 105,161 shares in the last quarter. Finally, Peregrine Capital Management LLC increased its stake in Silicon Motion Technology by 1.7% during the 3rd quarter. Peregrine Capital Management LLC now owns 374,848 shares of the semiconductor producer’s stock valued at $20,129,000 after purchasing an additional 6,170 shares in the last quarter. Institutional investors own 74.95% of the company’s stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.

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