Silicon Motion Technology (SIMO) PT Raised to $60.00

Silicon Motion Technology (NASDAQ:SIMO) had its price objective hoisted by research analysts at KeyCorp from $55.00 to $60.00 in a research report issued on Thursday. The brokerage presently has an “overweight” rating on the semiconductor producer’s stock. KeyCorp’s price target would indicate a potential upside of 14.85% from the company’s previous close.

SIMO has been the subject of several other reports. B. Riley set a $69.00 target price on shares of Silicon Motion Technology and gave the company a “buy” rating in a research note on Wednesday, October 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Silicon Motion Technology in a report on Friday, October 27th. Zacks Investment Research raised shares of Silicon Motion Technology from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 3rd. ValuEngine lowered shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Finally, Loop Capital lifted their target price on shares of Silicon Motion Technology from $51.00 to $59.00 and gave the company a “buy” rating in a research report on Monday, October 9th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $57.85.

Shares of Silicon Motion Technology (NASDAQ SIMO) traded down $0.21 during midday trading on Thursday, reaching $52.24. The company’s stock had a trading volume of 221,200 shares, compared to its average volume of 604,388. Silicon Motion Technology has a 1-year low of $37.37 and a 1-year high of $55.68. The company has a market capitalization of $1,850.00, a price-to-earnings ratio of 19.94 and a beta of 0.65.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Friday, October 27th. The semiconductor producer reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. The business had revenue of $127.20 million during the quarter, compared to analyst estimates of $127.24 million. Silicon Motion Technology had a return on equity of 19.58% and a net margin of 17.18%. Silicon Motion Technology’s revenue was down 19.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.07 earnings per share.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Great Lakes Advisors LLC grew its stake in Silicon Motion Technology by 3.1% in the 2nd quarter. Great Lakes Advisors LLC now owns 6,959 shares of the semiconductor producer’s stock valued at $336,000 after acquiring an additional 206 shares during the last quarter. Profund Advisors LLC boosted its position in Silicon Motion Technology by 5.2% during the second quarter. Profund Advisors LLC now owns 11,424 shares of the semiconductor producer’s stock worth $551,000 after purchasing an additional 560 shares during the period. Wells Fargo & Company MN boosted its position in Silicon Motion Technology by 1.2% during the second quarter. Wells Fargo & Company MN now owns 58,659 shares of the semiconductor producer’s stock worth $2,829,000 after purchasing an additional 701 shares during the period. Virtu KCG Holdings LLC boosted its position in Silicon Motion Technology by 25.3% during the second quarter. Virtu KCG Holdings LLC now owns 5,770 shares of the semiconductor producer’s stock worth $278,000 after purchasing an additional 1,164 shares during the period. Finally, Advisor Group Inc. boosted its position in Silicon Motion Technology by 23.4% during the second quarter. Advisor Group Inc. now owns 6,167 shares of the semiconductor producer’s stock worth $297,000 after purchasing an additional 1,171 shares during the period. Institutional investors and hedge funds own 82.84% of the company’s stock.

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About Silicon Motion Technology

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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