Wall Street brokerages expect that Silicon Motion Technology Corporation (NASDAQ:SIMO) will announce $125.87 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Silicon Motion Technology Corporation’s earnings, with estimates ranging from $125.50 million to $126.60 million. Silicon Motion Technology Corporation reported sales of $158.58 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 20.6%. The business is scheduled to issue its next earnings results on Thursday, October 26th.

According to Zacks, analysts expect that Silicon Motion Technology Corporation will report full year sales of $125.87 million for the current fiscal year, with estimates ranging from $520.00 million to $583.28 million. For the next financial year, analysts forecast that the firm will post sales of $601.56 million per share, with estimates ranging from $560.00 million to $650.00 million. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Silicon Motion Technology Corporation.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last released its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by $0.04. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The business had revenue of $132.70 million for the quarter, compared to analysts’ expectations of $132.92 million. During the same period last year, the firm earned $0.86 EPS. The company’s revenue was down 5.7% compared to the same quarter last year.

A number of research analysts recently issued reports on the company. B. Riley reiterated a “buy” rating and set a $68.75 price objective on shares of Silicon Motion Technology Corporation in a report on Monday, July 10th. Lake Street Capital reiterated a “buy” rating and set a $50.00 price objective (down from $56.00) on shares of Silicon Motion Technology Corporation in a report on Tuesday, August 8th. Roth Capital decreased their price objective on Silicon Motion Technology Corporation from $60.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, August 1st. Craig Hallum reiterated a “buy” rating and set a $60.00 price objective (down from $67.00) on shares of Silicon Motion Technology Corporation in a report on Wednesday, August 2nd. Finally, Summit Redstone reiterated a “hold” rating on shares of Silicon Motion Technology Corporation in a report on Saturday, July 22nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $56.84.

COPYRIGHT VIOLATION WARNING: This article was first posted by Watch List News and is owned by of Watch List News. If you are accessing this article on another publication, it was illegally stolen and reposted in violation of U.S. and international trademark and copyright laws. The correct version of this article can be viewed at https://www.watchlistnews.com/analysts-anticipate-silicon-motion-technology-corporation-nasdaqsimo-will-post-quarterly-sales-of-125-87-million/1489788.html.

A number of hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in Silicon Motion Technology Corporation by 8.5% in the first quarter. Wellington Management Group LLP now owns 2,489,838 shares of the semiconductor producer’s stock valued at $116,400,000 after buying an additional 194,518 shares during the last quarter. ARGA Investment Management LP boosted its stake in Silicon Motion Technology Corporation by 46.1% in the second quarter. ARGA Investment Management LP now owns 1,732,879 shares of the semiconductor producer’s stock valued at $83,577,000 after buying an additional 546,487 shares during the last quarter. Lazard Asset Management LLC boosted its stake in Silicon Motion Technology Corporation by 10.1% in the first quarter. Lazard Asset Management LLC now owns 1,639,575 shares of the semiconductor producer’s stock valued at $76,650,000 after buying an additional 150,619 shares during the last quarter. Investec Asset Management LTD boosted its stake in Silicon Motion Technology Corporation by 46.4% in the second quarter. Investec Asset Management LTD now owns 1,638,818 shares of the semiconductor producer’s stock valued at $79,040,000 after buying an additional 519,631 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in Silicon Motion Technology Corporation by 170.4% in the second quarter. William Blair Investment Management LLC now owns 947,862 shares of the semiconductor producer’s stock valued at $45,715,000 after buying an additional 597,352 shares during the last quarter. 84.49% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Corporation (SIMO) opened at 42.84 on Tuesday. The stock has a market cap of $1.53 billion, a PE ratio of 14.48 and a beta of 0.68. The firm’s 50-day moving average price is $44.37 and its 200 day moving average price is $45.86. Silicon Motion Technology Corporation has a 1-year low of $37.37 and a 1-year high of $56.25.

Silicon Motion Technology Corporation announced that its board has authorized a stock buyback program on Monday, July 31st that permits the company to buyback $200.00 million in shares. This buyback authorization permits the semiconductor producer to purchase up to 13.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

About Silicon Motion Technology Corporation

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

Get a free copy of the Zacks research report on Silicon Motion Technology Corporation (SIMO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Silicon Motion Technology Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Silicon Motion Technology Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.