B. Riley Boosts Silicon Motion Technology (NASDAQ:SIMO) Price Target to $112.00

Silicon Motion Technology (NASDAQ:SIMOFree Report) had its price target lifted by B. Riley from $109.00 to $112.00 in a report released on Monday, Benzinga reports. B. Riley currently has a buy rating on the semiconductor producer’s stock.

Other equities research analysts also recently issued reports about the company. Susquehanna lifted their target price on Silicon Motion Technology from $100.00 to $110.00 and gave the stock a positive rating in a report on Monday, May 6th. Needham & Company LLC lifted their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a buy rating in a report on Monday. StockNews.com upgraded Silicon Motion Technology from a hold rating to a buy rating in a report on Friday, May 3rd. Craig Hallum raised their price objective on Silicon Motion Technology from $80.00 to $96.00 and gave the company a buy rating in a research note on Monday, May 6th. Finally, Morgan Stanley raised Silicon Motion Technology from an equal weight rating to an overweight rating and raised their price objective for the company from $59.00 to $88.00 in a research note on Monday, May 6th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of Buy and a consensus price target of $93.13.

View Our Latest Stock Analysis on Silicon Motion Technology

Silicon Motion Technology Price Performance

Shares of SIMO opened at $80.57 on Monday. Silicon Motion Technology has a 1 year low of $49.50 and a 1 year high of $95.33. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 45.78, a price-to-earnings-growth ratio of 0.78 and a beta of 0.86. The business has a 50-day moving average of $79.74 and a 200-day moving average of $73.26.

Silicon Motion Technology (NASDAQ:SIMOGet Free Report) last issued its earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.07. The business had revenue of $189.31 million during the quarter, compared to the consensus estimate of $180.23 million. Silicon Motion Technology had a return on equity of 7.78% and a net margin of 8.34%. As a group, sell-side analysts anticipate that Silicon Motion Technology will post 2.81 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Thursday, May 9th were given a dividend of $0.50 per share. The ex-dividend date was Wednesday, May 8th. This represents a $2.00 annualized dividend and a dividend yield of 2.48%. Silicon Motion Technology’s payout ratio is 113.07%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SIMO. Acadian Asset Management LLC boosted its position in shares of Silicon Motion Technology by 161.5% during the first quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock valued at $102,779,000 after buying an additional 825,394 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Silicon Motion Technology by 1,250.9% during the third quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock valued at $41,989,000 after buying an additional 758,640 shares during the last quarter. Kodai Capital Management LP purchased a new position in shares of Silicon Motion Technology during the fourth quarter valued at approximately $44,073,000. Lord Abbett & CO. LLC purchased a new position in shares of Silicon Motion Technology during the first quarter valued at approximately $53,676,000. Finally, Farallon Capital Management LLC boosted its position in shares of Silicon Motion Technology by 247.0% during the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after buying an additional 608,949 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

About Silicon Motion Technology

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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.

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Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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