Silicon Motion Technology (NASDAQ:SIMO) Price Target Raised to $94.00

Silicon Motion Technology (NASDAQ:SIMOFree Report) had its price objective hoisted by Needham & Company LLC from $85.00 to $94.00 in a report released on Monday, Benzinga reports. The firm currently has a buy rating on the semiconductor producer’s stock.

Several other equities research analysts also recently commented on SIMO. StockNews.com raised Silicon Motion Technology from a hold rating to a buy rating in a report on Friday, May 3rd. Wedbush reiterated an outperform rating and issued a $85.00 price target on shares of Silicon Motion Technology in a research note on Friday, May 3rd. Craig Hallum raised their price objective on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the company a buy rating in a research note on Monday, May 6th. B. Riley upped their target price on shares of Silicon Motion Technology from $101.00 to $105.00 and gave the stock a buy rating in a research note on Monday, May 6th. Finally, Susquehanna raised their price target on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the company a positive rating in a research report on Monday, May 6th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Silicon Motion Technology presently has a consensus rating of Buy and a consensus target price of $93.13.

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Silicon Motion Technology Price Performance

NASDAQ:SIMO opened at $80.57 on Monday. The firm’s 50-day moving average price is $79.74 and its 200-day moving average price is $73.26. The company has a market capitalization of $2.71 billion, a PE ratio of 45.78, a P/E/G ratio of 0.78 and a beta of 0.86. Silicon Motion Technology has a 1-year low of $49.50 and a 1-year high of $95.33.

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

Silicon Motion Technology Dividend Announcement

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

Institutional Investors Weigh In On Silicon Motion Technology

A number of hedge funds have recently added to or reduced their stakes in SIMO. Parallel Advisors LLC grew its holdings in shares of Silicon Motion Technology by 154.9% in the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after acquiring an additional 333 shares during the period. CVA Family Office LLC bought a new stake in shares of Silicon Motion Technology during the 4th quarter valued at about $65,000. Assetmark Inc. increased its position in shares of Silicon Motion Technology by 34.5% during the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock valued at $82,000 after purchasing an additional 342 shares during the last quarter. Barometer Capital Management Inc. purchased a new stake in shares of Silicon Motion Technology during the 4th quarter valued at about $123,000. Finally, LRI Investments LLC bought a new position in shares of Silicon Motion Technology in the 1st quarter worth approximately $150,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Company Profile

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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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