Wall Street brokerages expect Silicon Motion Technology Corp. (NASDAQ:SIMO) to post sales of $105.68 million for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Silicon Motion Technology’s earnings. The lowest sales estimate is $104.00 million and the highest is $106.73 million. Silicon Motion Technology posted sales of $138.56 million in the same quarter last year, which would indicate a negative year over year growth rate of 23.7%. The firm is expected to announce its next quarterly earnings results on Tuesday, October 29th.
On average, analysts expect that Silicon Motion Technology will report full-year sales of $416.36 million for the current year, with estimates ranging from $410.90 million to $421.79 million. For the next fiscal year, analysts forecast that the firm will report sales of $491.60 million, with estimates ranging from $485.00 million to $498.00 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Silicon Motion Technology.
Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, July 30th. The semiconductor producer reported $0.52 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.52. The company had revenue of $98.80 million for the quarter, compared to analyst estimates of $97.33 million. Silicon Motion Technology had a net margin of 17.84% and a return on equity of 17.76%. The firm’s revenue was down 28.5% on a year-over-year basis. During the same period last year, the firm earned $0.92 earnings per share.
A number of equities analysts have recently commented on the stock. Morgan Stanley lowered shares of Silicon Motion Technology from an “equal weight” rating to an “underweight” rating in a research report on Monday, April 22nd. Cowen reiterated an “outperform” rating and set a $42.00 target price (down from $45.00) on shares of Silicon Motion Technology in a research report on Thursday, August 1st. BidaskClub lowered shares of Silicon Motion Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, August 6th. B. Riley boosted their price objective on shares of Silicon Motion Technology from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, ValuEngine lowered shares of Silicon Motion Technology from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Three analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $47.58.
Shares of SIMO traded down $0.94 during trading hours on Wednesday, hitting $31.73. The company’s stock had a trading volume of 256,100 shares, compared to its average volume of 350,541. The company has a market cap of $1.16 billion, a P/E ratio of 9.30, a price-to-earnings-growth ratio of 3.61 and a beta of 1.04. The company has a 50 day moving average price of $39.77. Silicon Motion Technology has a 52-week low of $31.64 and a 52-week high of $61.85.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Macquarie Group Ltd. boosted its stake in Silicon Motion Technology by 2.7% in the fourth quarter. Macquarie Group Ltd. now owns 32,741 shares of the semiconductor producer’s stock valued at $1,130,000 after acquiring an additional 851 shares during the last quarter. FMR LLC boosted its holdings in Silicon Motion Technology by 2,405.9% in the 4th quarter. FMR LLC now owns 61,795 shares of the semiconductor producer’s stock valued at $2,132,000 after purchasing an additional 59,329 shares during the period. Deutsche Bank AG boosted its holdings in Silicon Motion Technology by 389.6% in the 4th quarter. Deutsche Bank AG now owns 66,587 shares of the semiconductor producer’s stock valued at $2,297,000 after purchasing an additional 52,987 shares during the period. Tributary Capital Management LLC boosted its holdings in Silicon Motion Technology by 15.0% in the 1st quarter. Tributary Capital Management LLC now owns 338,071 shares of the semiconductor producer’s stock valued at $13,401,000 after purchasing an additional 44,005 shares during the period. Finally, Brinker Capital Inc. boosted its holdings in Silicon Motion Technology by 37.1% in the 1st quarter. Brinker Capital Inc. now owns 31,688 shares of the semiconductor producer’s stock valued at $1,256,000 after purchasing an additional 8,570 shares during the period. 70.24% of the stock is currently owned by institutional investors.
About Silicon Motion Technology
Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.
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