Silicon Motion Technology (NASDAQ:SIMO) PT Raised to $110.00

Silicon Motion Technology (NASDAQ:SIMO) had its price target lifted by equities researchers at Susquehanna from $100.00 to $110.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “positive” rating on the semiconductor producer’s stock. Susquehanna’s target price indicates a potential upside of 48.73% from the stock’s current price.

A number of other equities analysts have also recently issued reports on SIMO. JPMorgan Chase & Co. lifted their target price on Silicon Motion Technology from $77.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 8th. B. Riley lifted their price target on Silicon Motion Technology from $93.00 to $101.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday. Needham & Company LLC reiterated a “buy” rating and set a $85.00 price target on shares of Silicon Motion Technology in a report on Monday. Finally, Wedbush reiterated an “outperform” rating and set a $85.00 price target on shares of Silicon Motion Technology in a report on Friday. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $90.63.

Silicon Motion Technology Stock Performance

Shares of SIMO stock opened at $73.96 on Monday. Silicon Motion Technology has a 1 year low of $49.50 and a 1 year high of $95.33. The stock has a market cap of $2.49 billion, a PE ratio of 42.02, a price-to-earnings-growth ratio of 3.98 and a beta of 0.87. The business’s fifty day moving average is $74.63 and its 200-day moving average is $65.79.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. The business had revenue of $202.38 million for the quarter, compared to analysts’ expectations of $197.60 million. Silicon Motion Technology had a return on equity of 7.77% and a net margin of 8.34%. Equities research analysts predict that Silicon Motion Technology will post 2.65 earnings per share for the current year.

Institutional Trading of Silicon Motion Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SIMO. Alpine Associates Management Inc. lifted its position in shares of Silicon Motion Technology by 0.3% during the 4th quarter. Alpine Associates Management Inc. now owns 955,514 shares of the semiconductor producer’s stock worth $58,544,000 after buying an additional 3,300 shares during the period. Hawk Ridge Capital Management LP raised its holdings in shares of Silicon Motion Technology by 63.1% during the third quarter. Hawk Ridge Capital Management LP now owns 944,559 shares of the semiconductor producer’s stock worth $48,409,000 after acquiring an additional 365,461 shares during the period. Segantii Capital Management Ltd raised its holdings in shares of Silicon Motion Technology by 178.0% during the third quarter. Segantii Capital Management Ltd now owns 833,991 shares of the semiconductor producer’s stock worth $42,742,000 after acquiring an additional 533,991 shares during the period. Wellington Management Group LLP raised its holdings in shares of Silicon Motion Technology by 1,250.9% during the third quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock worth $41,989,000 after acquiring an additional 758,640 shares during the period. Finally, Cooper Creek Partners Management LLC raised its holdings in shares of Silicon Motion Technology by 771.4% during the third quarter. Cooper Creek Partners Management LLC now owns 760,554 shares of the semiconductor producer’s stock worth $38,978,000 after acquiring an additional 673,278 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.