Silicon Motion Technology Corporation (NASDAQ:SIMO) Stock Has Consensus Price Target of $341.43

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have been given an average recommendation of “Buy” by the ten analysts that are presently covering the firm, MarketBeat.com reports. Nine analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $341.43.

A number of brokerages have weighed in on SIMO. Wall Street Zen downgraded Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 15th. Weiss Ratings raised Silicon Motion Technology from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, August 17th. Craig Hallum restated a “buy” rating and set a $325.00 price objective on shares of Silicon Motion Technology in a research report on Friday, July 31st. Wedbush raised their price objective on Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Finally, Needham & Company LLC lifted their target price on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research report on Thursday, July 30th.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds and other institutional investors have recently made changes to their positions in SIMO. Cooper Investors PTY Ltd. bought a new position in Silicon Motion Technology in the 2nd quarter valued at approximately $34,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Silicon Motion Technology during the second quarter worth $88,000. IFP Advisors Inc bought a new stake in shares of Silicon Motion Technology during the second quarter worth $162,000. Financial Enhancement Group LLC acquired a new position in shares of Silicon Motion Technology during the second quarter worth $267,000. Finally, Allworth Financial LP increased its holdings in shares of Silicon Motion Technology by 26.4% during the second quarter. Allworth Financial LP now owns 834 shares of the semiconductor producer’s stock worth $278,000 after buying an additional 174 shares in the last quarter. 78.02% of the stock is owned by institutional investors.

Silicon Motion Technology Stock Performance

Shares of NASDAQ:SIMO opened at $276.23 on Monday. The firm has a 50 day moving average of $255.64 and a 200-day moving average of $234.09. Silicon Motion Technology has a 12 month low of $79.76 and a 12 month high of $355.00. The stock has a market capitalization of $9.37 billion, a PE ratio of 32.38, a PEG ratio of 0.48 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.30. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The business had revenue of $451.00 million for the quarter, compared to analyst estimates of $403.41 million. During the same quarter last year, the business posted $0.69 EPS. The firm’s revenue for the quarter was up 127.0% on a year-over-year basis. On average, research analysts predict that Silicon Motion Technology will post 10.78 EPS for the current fiscal year.

About Silicon Motion Technology

Silicon Motion Technology Corporation develops and supplies semiconductor solutions for NAND flash storage devices. Its products include flash memory controllers for solid-state drives (SSDs), client and enterprise storage systems, embedded storage, and other applications that use NAND flash memory.

The company provides controller technologies used in consumer electronics, personal computers, mobile devices, industrial equipment, and data-center infrastructure. Its offerings are designed to manage data storage, improve performance and reliability, and support the integration of NAND flash memory into a range of storage products.

Silicon Motion was founded in 1995 and went public on the Nasdaq Stock Market in 2005 under the symbol SIMO.