Silicon Motion Technology Corp. (SIMO) Shares Up 2.9%
Silicon Motion Technology Corp. (NASDAQ:SIMO)’s share price shot up 2.9% during mid-day trading on Monday . The company traded as high as $54.73 and last traded at $54.25, with a volume of 288,185 shares traded. The stock had previously closed at $52.74.
A number of equities research analysts have commented on SIMO shares. B. Riley reiterated a “buy” rating and issued a $47.75 price target on shares of Silicon Motion Technology Corp. in a research report on Thursday, April 28th. Susquehanna upped their price target on Silicon Motion Technology Corp. from $38.00 to $46.00 and gave the company a “positive” rating in a research report on Wednesday, April 20th. Needham & Company LLC reiterated a “buy” rating and issued a $47.00 price target on shares of Silicon Motion Technology Corp. in a research report on Wednesday, June 29th. Brean Capital reiterated a “buy” rating and issued a $60.00 price target (up previously from $46.00) on shares of Silicon Motion Technology Corp. in a research report on Monday, July 11th. Finally, Zacks Investment Research lowered Silicon Motion Technology Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $46.04.
The stock has a 50-day moving average of $47.43 and a 200 day moving average of $38.51. The stock has a market cap of $1.95 billion and a price-to-earnings ratio of 28.96.
Silicon Motion Technology Corp. (NASDAQ:SIMO) last issued its quarterly earnings results on Wednesday, April 27th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.03. During the same period last year, the firm earned $0.48 EPS. The firm had revenue of $112.68 million for the quarter, compared to the consensus estimate of $106.23 million. The company’s revenue for the quarter was up 39.7% on a year-over-year basis. Equities research analysts expect that Silicon Motion Technology Corp. will post $2.94 EPS for the current year.
Several hedge funds and institutional investors recently added to or reduced their stakes in SIMO. GSA Capital Partners LLP bought a new position in Silicon Motion Technology Corp. during the fourth quarter valued at approximately $1,162,000. Royce & Associates LLC increased its position in Silicon Motion Technology Corp. by 89.1% in the fourth quarter. Royce & Associates LLC now owns 204,400 shares of the company’s stock valued at $6,410,000 after buying an additional 96,294 shares in the last quarter. Garelick Capital Partners LP bought a new position in Silicon Motion Technology Corp. during the fourth quarter valued at approximately $7,955,000. Finally, Principal Financial Group Inc. increased its position in Silicon Motion Technology Corp. by 0.6% in the fourth quarter. Principal Financial Group Inc. now owns 398,067 shares of the company’s stock valued at $12,483,000 after buying an additional 2,473 shares in the last quarter.
Silicon Motion Technology Corporation (SMTC) 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. For the mobile storage market, the Company’s products are microcontrollers used in solid state storage devices, such as Solid State Drives (SSDs), Embedded Multimedia Cards (eMMCs) and other embedded flash applications, as well as removable storage products.
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