Silicon Motion Technology (NASDAQ:SIMO) Sees Strong Trading Volume on Analyst Upgrade

Shares of Silicon Motion Technology Co. (NASDAQ:SIMO) saw strong trading volume on Monday after Susquehanna raised their price target on the stock from $100.00 to $110.00. Susquehanna currently has a positive rating on the stock. 432,624 shares changed hands during mid-day trading, a decline of 2% from the previous session’s volume of 441,961 shares.The stock last traded at $80.68 and had previously closed at $73.96.

A number of other analysts have also weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 8th. B. Riley increased their target price on Silicon Motion Technology from $93.00 to $101.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Craig Hallum raised their price target on Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a report on Monday. Morgan Stanley upgraded shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $59.00 to $88.00 in a report on Monday. Finally, StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Silicon Motion Technology currently has a consensus rating of “Buy” and a consensus price target of $90.63.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SIMO. Parallel Advisors LLC increased its holdings in shares of Silicon Motion Technology by 154.9% during the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after buying an additional 333 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Silicon Motion Technology by 183.5% during the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock worth $35,000 after buying an additional 444 shares during the last quarter. Assetmark Inc. purchased a new position in shares of Silicon Motion Technology during the 3rd quarter worth approximately $51,000. CVA Family Office LLC purchased a new position in shares of Silicon Motion Technology during the 4th quarter worth approximately $65,000. Finally, Covestor Ltd boosted its position in shares of Silicon Motion Technology by 76.9% during the 3rd quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock worth $92,000 after purchasing an additional 777 shares during the period. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Performance

The stock has a market cap of $2.72 billion, a PE ratio of 45.01, a PEG ratio of 3.98 and a beta of 0.87. The stock’s 50-day moving average is $74.63 and its two-hundred day moving average is $65.79.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.51 by $0.12. The company had revenue of $202.38 million during the quarter, compared to analysts’ expectations of $197.60 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. Analysts forecast that Silicon Motion Technology Co. will post 2.65 EPS for the current year.

Silicon Motion Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $2.00 annualized dividend and a dividend yield of 2.48%. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 113.07%.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.