Analysts Set Silicon Motion Technology Co. (NASDAQ:SIMO) Target Price at $99.22

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) have received an average rating of “Buy” from the nine research firms that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $99.22.

A number of brokerages have recently issued reports on SIMO. Cowen lifted their price objective on shares of Silicon Motion Technology from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, December 7th. Susquehanna upgraded shares of Silicon Motion Technology from a “neutral” rating to a “positive” rating and lifted their price objective for the company from $85.00 to $90.00 in a report on Friday, October 29th. Susquehanna Bancshares upgraded shares of Silicon Motion Technology from a “neutral” rating to a “positive” rating and lifted their price objective for the company from $85.00 to $90.00 in a report on Friday, October 29th. Needham & Company LLC reiterated a “buy” rating and set a $115.00 price objective on shares of Silicon Motion Technology in a report on Thursday, December 9th. Finally, B. Riley lifted their price objective on shares of Silicon Motion Technology from $125.00 to $130.00 in a report on Monday, January 10th.

NASDAQ:SIMO opened at $92.00 on Wednesday. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of 22.89, a PEG ratio of 1.50 and a beta of 1.12. The firm has a fifty day simple moving average of $82.17 and a two-hundred day simple moving average of $74.28. Silicon Motion Technology has a 12 month low of $47.50 and a 12 month high of $96.89.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Wednesday, October 27th. The semiconductor producer reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.16. The firm had revenue of $254.24 million during the quarter, compared to analysts’ expectations of $250.45 million. Silicon Motion Technology had a net margin of 17.55% and a return on equity of 22.46%. The business’s revenue was up 101.7% on a year-over-year basis. During the same period last year, the company earned $0.70 earnings per share. On average, research analysts forecast that Silicon Motion Technology will post 5.56 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 24th. Investors of record on Wednesday, November 10th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, November 9th. This is a boost from Silicon Motion Technology’s previous quarterly dividend of $0.35. This represents a $2.00 annualized dividend and a yield of 2.17%. Silicon Motion Technology’s payout ratio is 49.50%.

A number of hedge funds have recently made changes to their positions in the business. Henry James International Management Inc. raised its position in Silicon Motion Technology by 1.1% in the third quarter. Henry James International Management Inc. now owns 24,099 shares of the semiconductor producer’s stock worth $1,662,000 after acquiring an additional 267 shares during the period. Ashfield Capital Partners LLC raised its position in Silicon Motion Technology by 1.0% in the third quarter. Ashfield Capital Partners LLC now owns 29,673 shares of the semiconductor producer’s stock worth $2,047,000 after acquiring an additional 285 shares during the period. Liberty Wealth Management LLC raised its position in Silicon Motion Technology by 89.3% in the third quarter. Liberty Wealth Management LLC now owns 776 shares of the semiconductor producer’s stock worth $53,000 after acquiring an additional 366 shares during the period. Stifel Financial Corp raised its position in Silicon Motion Technology by 4.5% in the second quarter. Stifel Financial Corp now owns 8,807 shares of the semiconductor producer’s stock worth $565,000 after acquiring an additional 379 shares during the period. Finally, Geode Capital Management LLC raised its position in Silicon Motion Technology by 1.7% in the third quarter. Geode Capital Management LLC now owns 22,677 shares of the semiconductor producer’s stock worth $1,564,000 after acquiring an additional 382 shares during the period. 79.13% of the stock is currently owned by institutional investors and hedge funds.

About Silicon Motion Technology

Silicon Motion Technology Corp. engages in the development, manufacture and supply of semiconductor products for the electronics market. The firm products include Flash Controllers, Storage Solutions, and others. It offers embedded and expandable storage, radio frequency integrated circuits and embedded graphics.

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Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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