Silicon Motion Technology Corporation (NASDAQ:SIMO) was upgraded by equities research analysts at Standpoint Research from a “reduce” rating to a “buy” rating in a research report issued on Wednesday.

A number of other equities research analysts have also weighed in on SIMO. B. Riley reiterated a “buy” rating and set a $68.75 target price on shares of Silicon Motion Technology Corporation in a research note on Monday, July 10th. Roth Capital decreased their target price on shares of Silicon Motion Technology Corporation from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, August 1st. Lake Street Capital reiterated a “buy” rating and set a $50.00 target price (down from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Loop Capital reiterated a “buy” rating and set a $51.00 target price on shares of Silicon Motion Technology Corporation in a research note on Tuesday, August 22nd. Finally, Craig Hallum restated a “buy” rating and issued a $60.00 price objective (down from $67.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $56.63.

Silicon Motion Technology Corporation (NASDAQ SIMO) opened at 45.61 on Wednesday. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of 15.42 and a beta of 0.68. The firm’s 50-day moving average price is $42.90 and its 200 day moving average price is $46.09. Silicon Motion Technology Corporation has a one year low of $37.37 and a one year high of $56.25.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last announced its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by $0.04. The company had revenue of $132.70 million for the quarter, compared to analysts’ expectations of $132.92 million. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. Silicon Motion Technology Corporation’s quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.86 earnings per share. On average, equities research analysts expect that Silicon Motion Technology Corporation will post $2.67 earnings per share for the current fiscal year.

Silicon Motion Technology Corporation announced that its Board of Directors has initiated a stock repurchase plan on Monday, July 31st that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the semiconductor producer to repurchase up to 13.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

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Several hedge funds have recently made changes to their positions in SIMO. ARGA Investment Management LP acquired a new stake in shares of Silicon Motion Technology Corporation during the first quarter valued at about $55,464,000. Columbia Wanger Asset Management LLC acquired a new stake in shares of Silicon Motion Technology Corporation during the first quarter valued at about $36,231,000. William Blair Investment Management LLC boosted its stake in shares of 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 in the last quarter. Investec Asset Management LTD boosted its stake in shares of 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 in the last quarter. Finally, Janus Henderson Group PLC acquired a new stake in shares of Silicon Motion Technology Corporation during the second quarter valued at about $20,501,000. Hedge funds and other institutional investors own 81.52% of the company’s stock.

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.

Analyst Recommendations for Silicon Motion Technology Corporation (NASDAQ:SIMO)

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