Silicon Motion Technology (NASDAQ:SIMO) Upgraded at Zacks Research

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

Other research analysts also recently issued research reports about the company. Needham & Company LLC boosted their target price on Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. William Blair initiated coverage on Silicon Motion Technology in a report on Thursday, January 22nd. They set an “outperform” rating for the company. Wall Street Zen raised Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Craig Hallum restated a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a report on Thursday, April 30th. Finally, Wedbush raised their price objective on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $205.63.

Silicon Motion Technology Stock Up 2.7%

Shares of NASDAQ:SIMO opened at $244.95 on Tuesday. The firm has a fifty day moving average of $134.91 and a two-hundred day moving average of $114.27. The firm has a market capitalization of $8.32 billion, a P/E ratio of 48.70, a price-to-earnings-growth ratio of 0.79 and a beta of 1.67. Silicon Motion Technology has a 12-month low of $52.01 and a 12-month high of $248.59.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The business had revenue of $342.11 million for the quarter, compared to the consensus estimate of $299.53 million. During the same period in the prior year, the business posted $0.60 earnings per share. Silicon Motion Technology’s revenue for the quarter was up 105.5% compared to the same quarter last year. Equities research analysts expect that Silicon Motion Technology will post 7.21 earnings per share for the current fiscal year.

Institutional Trading of Silicon Motion Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. Brown Brothers Harriman & Co. bought a new stake in shares of Silicon Motion Technology during the 3rd quarter worth about $26,000. WealthCollab LLC raised its stake in shares of Silicon Motion Technology by 77.4% in the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after acquiring an additional 151 shares in the last quarter. Arax Advisory Partners lifted its holdings in Silicon Motion Technology by 220.9% in the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after purchasing an additional 307 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC bought a new stake in Silicon Motion Technology during the fourth quarter worth approximately $71,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

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.