Brokerages Set Silicon Motion Technology Corporation (NASDAQ:SIMO) PT at $341.43

Silicon Motion Technology Corporation (NASDAQ:SIMO) has earned an average recommendation of “Buy” from the ten research firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $341.4286.

A number of equities analysts have commented on the company. B. Riley Financial boosted their price objective on Silicon Motion Technology from $312.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday. Wall Street Zen raised Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday. Susquehanna upped their price target on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the stock a “positive” rating in a research report on Friday, July 31st. Zacks Research raised shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Finally, Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th.

Insider Buying and Selling

In related news, Director Han-Ping Shieh sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total value of $328,000.00. Following the completion of the sale, the director owned 7,500 shares of the company’s stock, valued at $2,460,000. This trade represents a 11.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the completion of the transaction, the director owned 8,500 shares of the company’s stock, valued at $2,592,500. This trade represents a 19.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,000 shares of company stock worth $1,239,250 over the last quarter. 5.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Brown Brothers Harriman & Co. bought a new stake in shares of Silicon Motion Technology during the third quarter worth $26,000. WealthCollab LLC boosted its holdings in Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after acquiring an additional 151 shares during the last quarter. Cooper Investors PTY Ltd. bought a new position in Silicon Motion Technology in the second quarter valued at about $34,000. Arax Advisory Partners increased its position in Silicon Motion Technology by 220.9% in the fourth 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 period. Finally, EverSource Wealth Advisors LLC raised its holdings in Silicon Motion Technology by 169.4% during 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. 78.02% of the stock is currently owned by institutional investors.

Silicon Motion Technology Trading Up 6.7%

NASDAQ:SIMO opened at $268.49 on Friday. Silicon Motion Technology has a 1 year low of $71.35 and a 1 year high of $355.00. The firm has a 50 day moving average of $287.94 and a 200-day moving average of $199.29. The stock has a market capitalization of $9.10 billion, a P/E ratio of 31.48, a price-to-earnings-growth ratio of 0.52 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, topping the consensus estimate of $2.13 by $0.30. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The business had revenue of $451.00 million for the quarter, compared to the consensus estimate of $403.41 million. During the same period in the previous year, the business earned $0.69 EPS. Silicon Motion Technology’s revenue was up 127.0% compared to the same quarter last year. As a group, analysts forecast that Silicon Motion Technology will post 9.01 EPS for the current fiscal 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.