Silicon Motion Technology Co. (NASDAQ:SIMO) Receives $85.00 Average Price Target from Brokerages

Silicon Motion Technology Co. (NASDAQ:SIMO) has earned a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $85.00.

A number of equities research analysts have recently issued reports on SIMO shares. Bank of America downgraded shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and reduced their price target for the company from $90.00 to $60.00 in a research report on Friday, August 16th. Morgan Stanley reduced their price objective on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. B. Riley lowered their target price on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Needham & Company LLC lifted their price target on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. Finally, StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th.

Institutional Investors Weigh In On Silicon Motion Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC boosted its position in Silicon Motion Technology by 161.5% during the first quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after acquiring an additional 825,394 shares during the last quarter. Kodai Capital Management LP purchased a new stake in shares of Silicon Motion Technology in the fourth quarter valued at $44,073,000. Lord Abbett & CO. LLC purchased a new stake in shares of Silicon Motion Technology in the first quarter valued at $53,676,000. Farallon Capital Management LLC increased its stake in Silicon Motion Technology by 247.0% in the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after purchasing an additional 608,949 shares during the last quarter. Finally, AIGH Capital Management LLC purchased a new position in Silicon Motion Technology during the second quarter worth about $22,272,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Price Performance

Shares of SIMO stock opened at $60.74 on Thursday. Silicon Motion Technology has a 1-year low of $50.43 and a 1-year high of $85.87. The business’s fifty day moving average price is $62.10 and its 200 day moving average price is $72.50. The firm has a market capitalization of $2.05 billion, a PE ratio of 34.51, a P/E/G ratio of 0.92 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The business had revenue of $210.67 million during the quarter, compared to the consensus estimate of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The business’s revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.33 EPS. Equities research analysts expect that Silicon Motion Technology will post 2.8 earnings per share for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.00 dividend on an annualized basis and a yield of 3.29%. Silicon Motion Technology’s dividend payout ratio (DPR) is 113.07%.

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.