Silicon Motion Technology (NASDAQ:SIMO) Rating Lowered to Hold at Wall Street Zen

Silicon Motion Technology (NASDAQ:SIMO) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday, Wall Street Zen reports.

SIMO has been the topic of several other research reports. Roth Capital reissued a “buy” rating and issued a $350.00 price target on shares of Silicon Motion Technology in a research note on Thursday, July 30th. China Renaissance assumed coverage on shares of Silicon Motion Technology in a research report on Wednesday, October 28th. They issued a “buy” rating and a $300.00 price objective on the stock. B. Riley Financial reiterated a “buy” rating and issued a $310.00 price target (up from $288.00) on shares of Silicon Motion Technology in a research note on Friday, October 30th. Needham & Company LLC raised their price objective on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, Susquehanna boosted their price target on Silicon Motion Technology from $275.00 to $350.00 and gave the stock a “positive” rating in a research report on Friday, July 31st. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Moderate Buy” and a consensus price target of $331.25.

Silicon Motion Technology Stock Performance

NASDAQ SIMO opened at $162.76 on Friday. The stock has a 50-day simple moving average of $241.43 and a 200 day simple moving average of $215.16. Silicon Motion Technology has a 12 month low of $79.76 and a 12 month high of $355.00. The company has a market capitalization of $5.52 billion, a PE ratio of 17.54, a P/E/G ratio of 0.29 and a beta of 1.78. The company has a current ratio of 5.68, a quick ratio of 3.65 and a debt-to-equity ratio of 1.00.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Wednesday, October 28th. The semiconductor producer reported $4.35 EPS for the quarter, beating the consensus estimate of $3.30 by $1.05. Silicon Motion Technology had a net margin of 19.36% and a return on equity of 32.29%. The firm had revenue of $560.22 million during the quarter, compared to the consensus estimate of $529.10 million. During the same quarter in the prior year, the firm earned $1.00 earnings per share. The business’s quarterly revenue was up 131.5% on a year-over-year basis. Research analysts forecast that Silicon Motion Technology will post 10.20 EPS for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

Several institutional investors have recently made changes to their positions in SIMO. Assetmark Inc. increased its stake in Silicon Motion Technology by 2.3% in the first quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock valued at $316,000 after purchasing an additional 63 shares in the last quarter. Greenleaf Trust grew its stake in Silicon Motion Technology by 7.9% in the third quarter. Greenleaf Trust now owns 1,025 shares of the semiconductor producer’s stock valued at $287,000 after acquiring an additional 75 shares during the period. Cooper Investors PTY Ltd. acquired a new stake in Silicon Motion Technology in the second quarter valued at approximately $34,000. Stronghold Wealth Management L.L.C. increased its holdings in shares of Silicon Motion Technology by 17.8% during the third quarter. Stronghold Wealth Management L.L.C. now owns 740 shares of the semiconductor producer’s stock valued at $207,000 after acquiring an additional 112 shares in the last quarter. Finally, Pinnacle Wealth Planning Services Inc. increased its holdings in shares of Silicon Motion Technology by 33.5% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 658 shares of the semiconductor producer’s stock valued at $184,000 after acquiring an additional 165 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company that designs and markets NAND flash controllers and related storage solutions. Its products help manage data storage and retrieval in devices that use NAND flash memory.

The company’s offerings include controllers for solid-state drives (SSDs), embedded storage such as eMMC and UFS, and removable storage products including memory cards and USB flash drives. Silicon Motion also develops firmware and other technologies for storage applications.

Founded in 1995, Silicon Motion serves customers around the world, including storage-device manufacturers, module makers and electronics companies.