Silicon Motion Technology (NASDAQ:SIMO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “Silicon Motion is a leading developer of microcontroller ICs for NAND flash storage devices. The Company is anticipated to benefit from an improving NAND supply environment. Management expects the increase in the availability of 64 layer 3D NAND to bring down the high NAND prices, which will eventually improve the financial results. Moreover, we believe that an expanding product portfolio is the key growth driver for the company. However, Silicon Motion faces macroeconomic risks like political, economic and social instability and certain industry-specific regulations in geographies where the company operates. Further, intensifying competition in the USB flash drive controller market remains a major headwind. Going forward, dip in smartphone sales will prove to be a drag on the revenues. Notably, shares of the company have underperformed the industry in the last one year.”

SIMO has been the subject of several other research reports. Summit Redstone raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Thursday, December 7th. Northland Securities reissued a “buy” rating and set a $60.00 price objective on shares of Silicon Motion Technology in a report on Sunday, October 29th. UBS Group lowered Silicon Motion Technology from a “positive” rating to a “neutral” rating in a report on Tuesday. Susquehanna Bancshares reissued a “neutral” rating and set a $48.00 price objective (down previously from $60.00) on shares of Silicon Motion Technology in a report on Tuesday. Finally, Needham & Company LLC reissued a “buy” rating and set a $57.00 price objective (up previously from $54.00) on shares of Silicon Motion Technology in a report on Monday, October 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $56.52.

Shares of Silicon Motion Technology (SIMO) traded down $4.61 on Wednesday, hitting $46.09. The stock had a trading volume of 2,295,800 shares, compared to its average volume of 924,750. Silicon Motion Technology has a 12-month low of $37.37 and a 12-month high of $56.51. The company has a market capitalization of $1,630.00, a PE ratio of 18.00 and a beta of 0.66.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Friday, October 27th. The semiconductor producer reported $0.57 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.01. Silicon Motion Technology had a return on equity of 19.58% and a net margin of 17.18%. The company had revenue of $127.20 million during the quarter, compared to analyst estimates of $127.24 million. During the same quarter in the previous year, the firm earned $1.07 earnings per share. Silicon Motion Technology’s revenue was down 19.8% on a year-over-year basis. sell-side analysts expect that Silicon Motion Technology will post 2.31 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. ARGA Investment Management LP boosted its stake in Silicon Motion Technology by 6.2% in the third quarter. ARGA Investment Management LP now owns 1,839,779 shares of the semiconductor producer’s stock worth $88,365,000 after buying an additional 106,900 shares in the last quarter. Royce & Associates LP boosted its stake in Silicon Motion Technology by 78.0% in the third quarter. Royce & Associates LP now owns 801,540 shares of the semiconductor producer’s stock worth $38,498,000 after buying an additional 351,140 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Silicon Motion Technology by 64.7% in the third quarter. Janus Henderson Group PLC now owns 700,076 shares of the semiconductor producer’s stock worth $33,639,000 after buying an additional 275,089 shares in the last quarter. Northcape Capital Pty Ltd boosted its stake in Silicon Motion Technology by 8.0% in the third quarter. Northcape Capital Pty Ltd now owns 664,963 shares of the semiconductor producer’s stock worth $31,938,000 after buying an additional 49,310 shares in the last quarter. Finally, Sloane Robinson LLP boosted its stake in Silicon Motion Technology by 16.8% in the third quarter. Sloane Robinson LLP now owns 588,100 shares of the semiconductor producer’s stock worth $28,246,000 after buying an additional 84,600 shares in the last quarter. 82.79% of the stock is owned by institutional investors and hedge funds.

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Silicon Motion Technology Company Profile

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.

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