Silicon Motion Technology Corp. (NASDAQ:SIMO) Rating Reiterated by Lake Street Capital
Silicon Motion Technology Corp. (NASDAQ:SIMO)‘s stock had its “buy” rating reiterated by analysts at Lake Street Capital in a research report issued to clients and investors on Tuesday. They currently have a $50.00 price target on the semiconductor producer’s stock, down from their previous price target of $56.00. Lake Street Capital’s price objective suggests a potential upside of 17.98% from the stock’s previous close.
Several other analysts also recently commented on SIMO. B. Riley reissued a “buy” rating and issued a $68.75 price objective on shares of Silicon Motion Technology Corp. in a research note on Wednesday, April 26th. Craig Hallum reissued a “buy” rating and issued a $60.00 price objective (down from $67.00) on shares of Silicon Motion Technology Corp. in a research note on Wednesday, August 2nd. Roth Capital lowered their price objective on Silicon Motion Technology Corp. from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, August 1st. Summit Redstone reissued a “hold” rating on shares of Silicon Motion Technology Corp. in a research note on Saturday, July 22nd. Finally, Loop Capital reissued a “buy” rating and issued a $61.00 price objective (up from $53.00) on shares of Silicon Motion Technology Corp. in a research note on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $56.84.
Silicon Motion Technology Corp. (NASDAQ SIMO) traded down 0.45% on Tuesday, hitting $42.38. The company had a trading volume of 310,988 shares. Silicon Motion Technology Corp. has a one year low of $37.37 and a one year high of $56.25. The company has a market capitalization of $1.50 billion, a P/E ratio of 13.59 and a beta of 0.68. The stock’s 50-day moving average price is $45.82 and its 200 day moving average price is $45.79.
Silicon Motion Technology Corp. (NASDAQ:SIMO) last issued its quarterly earnings data on Monday, July 31st. The semiconductor producer reported $0.69 EPS for the quarter, missing the consensus estimate of $0.73 by $0.04. The company had revenue of $132.70 million during the quarter, compared to analysts’ expectations of $132.92 million. Silicon Motion Technology Corp. had a return on equity of 20.64% and a net margin of 18.47%. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period last year, the company earned $0.86 earnings per share. On average, analysts expect that Silicon Motion Technology Corp. will post $2.67 EPS for the current fiscal year.
Silicon Motion Technology Corp. declared that its board has initiated a stock repurchase plan on Monday, July 31st that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the semiconductor producer to repurchase up to 13.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
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Institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE raised its position in Silicon Motion Technology Corp. by 71.5% in the first quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock valued at $102,000 after buying an additional 915 shares in the last quarter. Summit Securities Group LLC acquired a new position in Silicon Motion Technology Corp. during the second quarter valued at about $204,000. Airain ltd acquired a new position in Silicon Motion Technology Corp. during the second quarter valued at about $213,000. Dubuque Bank & Trust Co. raised its position in Silicon Motion Technology Corp. by 253.4% in the first quarter. Dubuque Bank & Trust Co. now owns 4,531 shares of the semiconductor producer’s stock valued at $212,000 after buying an additional 3,249 shares in the last quarter. Finally, High Pointe Capital Management LLC acquired a new position in Silicon Motion Technology Corp. during the second quarter valued at about $233,000. 80.90% of the stock is owned by institutional investors.
Silicon Motion Technology Corp. 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.
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