Silicon Motion Technology Corporation (NASDAQ:SIMO)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research note issued on Friday. They presently have a $54.00 price target on the semiconductor producer’s stock. Needham & Company LLC’s target price would suggest a potential upside of 22.23% from the stock’s current price.

A number of other brokerages also recently weighed in on SIMO. B. Riley reissued a “buy” rating and issued a $68.75 price objective on shares of Silicon Motion Technology Corporation in a research note on Monday, August 7th. Lake Street Capital reissued a “buy” rating and issued a $50.00 price objective (down from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Tuesday, August 8th. Standpoint Research downgraded Silicon Motion Technology Corporation from a “buy” rating to a “reduce” rating in a research note on Tuesday, June 6th. Roth Capital cut their price objective on Silicon Motion Technology Corporation from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, August 1st. Finally, Zacks Investment Research downgraded Silicon Motion Technology Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $56.63.

Shares of Silicon Motion Technology Corporation (NASDAQ SIMO) traded up 1.38% during mid-day trading on Friday, reaching $44.79. 320,606 shares of the company’s stock traded hands. The company has a market capitalization of $1.60 billion, a P/E ratio of 15.14 and a beta of 0.67. Silicon Motion Technology Corporation has a 1-year low of $37.37 and a 1-year high of $55.68. The firm has a 50-day moving average price of $44.26 and a 200-day moving average price of $46.61.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last issued its quarterly earnings data on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.04). Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The company had revenue of $132.70 million during the quarter, compared to the consensus estimate of $132.92 million. During the same period in the previous year, the business posted $0.86 earnings per share. The firm’s revenue was down 5.7% on a year-over-year basis. On average, equities research analysts forecast that Silicon Motion Technology Corporation will post $2.67 earnings per share for the current fiscal year.

Silicon Motion Technology Corporation announced that its board has initiated a share repurchase plan on Monday, July 31st that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the semiconductor producer to purchase up to 13.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its position in shares of Silicon Motion Technology Corporation by 8.5% during the first quarter. Wellington Management Group LLP now owns 2,489,838 shares of the semiconductor producer’s stock valued at $116,400,000 after purchasing an additional 194,518 shares during the period. ARGA Investment Management LP increased its position in shares of Silicon Motion Technology Corporation by 46.1% during the second quarter. ARGA Investment Management LP now owns 1,732,879 shares of the semiconductor producer’s stock valued at $83,577,000 after purchasing an additional 546,487 shares during the period. Lazard Asset Management LLC increased its position in shares of Silicon Motion Technology Corporation by 10.1% during the first quarter. Lazard Asset Management LLC now owns 1,639,575 shares of the semiconductor producer’s stock valued at $76,650,000 after purchasing an additional 150,619 shares during the period. Investec Asset Management LTD increased its position in shares of Silicon Motion Technology Corporation by 46.4% during the second quarter. Investec Asset Management LTD now owns 1,638,818 shares of the semiconductor producer’s stock valued at $79,040,000 after purchasing an additional 519,631 shares during the period. Finally, William Blair Investment Management LLC increased its position in shares of Silicon Motion Technology Corporation by 170.4% during the second quarter. William Blair Investment Management LLC now owns 947,862 shares of the semiconductor producer’s stock valued at $45,715,000 after purchasing an additional 597,352 shares during the period. Institutional investors and hedge funds own 81.15% of the company’s stock.

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.

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

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