Silicon Motion Technology (NASDAQ:SIMO) Stock Rating Lowered by Zacks Research

Silicon Motion Technology (NASDAQ:SIMO) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other analysts have also recently issued reports on SIMO. William Blair initiated coverage on Silicon Motion Technology in a research note on Thursday, January 22nd. They set an “outperform” rating on the stock. Craig Hallum restated a “buy” rating and set a $160.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Wall Street Zen cut Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 14th. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Finally, Roth Mkm set a $140.00 price objective on Silicon Motion Technology and gave the company a “buy” rating in a research note on Wednesday, February 4th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $132.50.

Silicon Motion Technology Stock Up 0.4%

Shares of NASDAQ SIMO opened at $117.01 on Monday. The stock’s 50 day moving average price is $124.51 and its two-hundred day moving average price is $105.79. Silicon Motion Technology has a 52-week low of $37.21 and a 52-week high of $146.85. The stock has a market capitalization of $3.98 billion, a P/E ratio of 32.15, a PEG ratio of 0.77 and a beta of 1.09.

Hedge Funds Weigh In On Silicon Motion Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SIMO. Royal Bank of Canada grew its holdings in Silicon Motion Technology by 87.6% in the 1st quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock worth $3,522,000 after buying an additional 32,527 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Silicon Motion Technology by 155.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after buying an additional 44,976 shares in the last quarter. Geode Capital Management LLC grew its holdings in Silicon Motion Technology by 2.6% in the 2nd quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock worth $2,842,000 after buying an additional 962 shares in the last quarter. Creative Planning bought a new position in Silicon Motion Technology in the 2nd quarter worth approximately $324,000. Finally, Legal & General Group Plc grew its holdings in Silicon Motion Technology by 141.4% in the 2nd quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer’s stock worth $732,000 after buying an additional 5,704 shares in the last quarter. 78.02% of the stock is owned by institutional investors.

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.