Analysts Set Silicon Motion Technology Corporation (NASDAQ:SIMO) PT at $205.63

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) have been assigned an average rating of “Buy” from the ten ratings firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $222.1429.

A number of research firms recently commented on SIMO. Wedbush increased their target price on Silicon Motion Technology from $180.00 to $230.00 and gave the company an “outperform” rating in a research note on Thursday, April 30th. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Weiss Ratings cut Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. increased their target price on Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Finally, Roth Mkm reissued a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 29th.

Institutional Trading of Silicon Motion Technology

Several institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its position in Silicon Motion Technology by 33.2% during the first quarter. Bank of America Corp DE now owns 244,387 shares of the semiconductor producer’s stock valued at $27,442,000 after buying an additional 60,970 shares during the period. EverSource Wealth Advisors LLC boosted its position in Silicon Motion Technology by 78.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,159 shares of the semiconductor producer’s stock valued at $130,000 after buying an additional 511 shares during the period. Royal Bank of Canada boosted its position in Silicon Motion Technology by 4.5% during the first quarter. Royal Bank of Canada now owns 49,037 shares of the semiconductor producer’s stock valued at $5,506,000 after buying an additional 2,110 shares during the period. Hawk Ridge Capital Management LP boosted its position in Silicon Motion Technology by 48.9% during the first quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer’s stock valued at $131,752,000 after buying an additional 385,568 shares during the period. Finally, Maverick Capital Ltd. purchased a new stake in Silicon Motion Technology during the first quarter valued at about $827,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Up 8.6%

SIMO opened at $307.12 on Friday. The stock has a market cap of $10.41 billion, a PE ratio of 61.06, a P/E/G ratio of 0.69 and a beta of 1.72. Silicon Motion Technology has a 52 week low of $68.79 and a 52 week high of $316.28. The business’s fifty day simple moving average is $224.72 and its 200 day simple moving average is $152.11.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. The business had revenue of $342.11 million for the quarter, compared to analysts’ expectations of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The firm’s revenue was up 105.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 earnings per share. As a group, equities analysts anticipate that Silicon Motion Technology will post 7.65 earnings per share for the current year.

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.