KeyCorp set a $58.00 price target on Silicon Motion Technology (NASDAQ:SIMO) in a research note published on Tuesday morning, TipRanks reports. The brokerage currently has a hold rating on the semiconductor producer’s stock.
A number of other equities analysts have also issued reports on SIMO. Needham & Company LLC reissued a buy rating on shares of Silicon Motion Technology in a report on Friday, August 9th. BidaskClub lowered Silicon Motion Technology from a hold rating to a sell rating in a report on Tuesday, August 6th. Cowen reissued an outperform rating and set a $42.00 price target (down previously from $45.00) on shares of Silicon Motion Technology in a report on Thursday, August 1st. JPMorgan Chase & Co. lowered Silicon Motion Technology from an overweight rating to a neutral rating and lowered their price target for the stock from $50.00 to $40.00 in a report on Thursday, August 1st. Finally, Roth Capital lowered their price target on Silicon Motion Technology from $50.00 to $45.00 and set a buy rating on the stock in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $47.40.
Shares of SIMO stock traded up $0.06 during mid-day trading on Tuesday, hitting $34.64. 2,258 shares of the stock were exchanged, compared to its average volume of 209,894. The stock’s fifty day simple moving average is $34.09 and its two-hundred day simple moving average is $39.11. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 10.16, a P/E/G ratio of 3.79 and a beta of 1.01. Silicon Motion Technology has a 12-month low of $30.86 and a 12-month high of $55.64.
Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, July 30th. The semiconductor producer reported $0.52 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.52. Silicon Motion Technology had a return on equity of 17.76% and a net margin of 17.84%. The firm had revenue of $98.80 million for the quarter, compared to analyst estimates of $97.33 million. During the same quarter last year, the company posted $0.92 earnings per share. The business’s revenue was down 28.5% on a year-over-year basis. As a group, analysts anticipate that Silicon Motion Technology will post 1.79 earnings per share for the current year.
Several hedge funds have recently bought and sold shares of SIMO. Bank of Montreal Can acquired a new stake in shares of Silicon Motion Technology during the 1st quarter valued at approximately $1,075,000. Quantamental Technologies LLC purchased a new stake in Silicon Motion Technology in the 1st quarter worth approximately $28,000. Penn Capital Management Co. Inc. purchased a new stake in Silicon Motion Technology in the 1st quarter worth approximately $6,653,000. Raymond James & Associates grew its stake in Silicon Motion Technology by 33.6% in the 1st quarter. Raymond James & Associates now owns 98,199 shares of the semiconductor producer’s stock worth $3,893,000 after acquiring an additional 24,694 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Silicon Motion Technology by 131.4% in the 1st quarter. JPMorgan Chase & Co. now owns 1,603,438 shares of the semiconductor producer’s stock worth $63,562,000 after acquiring an additional 910,427 shares during the period. Institutional investors own 71.10% of the company’s stock.
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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