Silicon Motion Technology (NASDAQ:SIMO) Price Target Raised to $96.00 at Craig Hallum

Silicon Motion Technology (NASDAQ:SIMO) had its price target upped by Craig Hallum from $80.00 to $96.00 in a research note published on Monday, Marketbeat Ratings reports. They currently have a buy rating on the semiconductor producer’s stock.

Several other research analysts have also recently weighed in on the stock. Wedbush reaffirmed an outperform rating and issued a $85.00 price target on shares of Silicon Motion Technology in a report on Friday, May 3rd. B. Riley lifted their price target on Silicon Motion Technology from $93.00 to $101.00 and gave the company a buy rating in a research report on Wednesday, April 10th. Morgan Stanley upgraded shares of Silicon Motion Technology from an equal weight rating to an overweight rating and upped their price objective for the stock from $59.00 to $88.00 in a research report on Monday. Needham & Company LLC lifted their target price on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the company a buy rating in a research report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an overweight rating in a research report on Thursday, February 8th. Nine investment 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 an average price target of $91.13.

Silicon Motion Technology Stock Down 2.3 %

Shares of NASDAQ SIMO opened at $76.90 on Monday. The company has a market cap of $2.59 billion, a P/E ratio of 43.69, a P/E/G ratio of 3.98 and a beta of 0.87. Silicon Motion Technology has a 52 week low of $49.50 and a 52 week high of $95.33. The business has a 50-day simple moving average of $75.29 and a two-hundred day simple moving average of $66.28.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. The business had revenue of $202.38 million for the quarter, compared to analyst estimates of $197.60 million. Equities research analysts anticipate that Silicon Motion Technology will post 2.65 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.60%. Silicon Motion Technology’s dividend payout ratio (DPR) is 113.07%.

Institutional Inflows and Outflows

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

About Silicon Motion Technology

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.