Silicon Motion Technology (NASDAQ:SIMO) Raised to “Strong-Buy” at Zacks Research

Silicon Motion Technology (NASDAQ:SIMO) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

SIMO has been the topic of a number of other reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Silicon Motion Technology in a research note on Friday, March 27th. Craig Hallum reaffirmed a “buy” rating and issued a $250.00 price target on shares of Silicon Motion Technology in a research report on Thursday, April 30th. William Blair began coverage on Silicon Motion Technology in a research report on Thursday, January 22nd. They issued an “outperform” rating on the stock. Susquehanna lifted their price target on Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a research report on Thursday, April 30th. Finally, JPMorgan Chase & Co. lifted their price target on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company’s stock. According to data from MarketBeat, Silicon Motion Technology has a consensus rating of “Buy” and a consensus target price of $205.63.

Silicon Motion Technology Trading Up 1.4%

NASDAQ SIMO traded up $3.54 during trading on Tuesday, reaching $248.49. 229,424 shares of the company’s stock were exchanged, compared to its average volume of 762,475. Silicon Motion Technology has a fifty-two week low of $52.03 and a fifty-two week high of $250.02. The firm has a market capitalization of $8.44 billion, a PE ratio of 49.49, a P/E/G ratio of 0.79 and a beta of 1.67. The company’s fifty day simple moving average is $134.91 and its 200-day simple moving average is $114.27.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.27. The business had revenue of $342.11 million during the quarter, compared to analyst estimates 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 period in the previous year, the company earned $0.60 EPS. Equities analysts forecast that Silicon Motion Technology will post 7.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SIMO. Wolf Hill Capital Management LP acquired a new position in Silicon Motion Technology in the fourth quarter worth $53,893,000. Hawk Ridge Capital Management LP boosted its stake in Silicon Motion Technology by 111.3% in the fourth quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock worth $73,024,000 after purchasing an additional 415,000 shares in the last quarter. Man Group plc boosted its stake in Silicon Motion Technology by 820.7% in the fourth quarter. Man Group plc now owns 381,048 shares of the semiconductor producer’s stock worth $35,323,000 after purchasing an additional 339,663 shares in the last quarter. AIGH Capital Management LLC acquired a new position in shares of Silicon Motion Technology during the first quarter valued at $22,458,000. Finally, Robeco Institutional Asset Management B.V. lifted its stake in shares of Silicon Motion Technology by 40.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer’s stock valued at $57,840,000 after acquiring an additional 181,206 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

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.