Silicon Motion Technology (NASDAQ:SIMO) Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of Silicon Motion Technology (NASDAQ:SIMO) from a strong-buy rating to a buy rating in a report released on Saturday morning.

Other equities research analysts have also issued reports about the stock. Susquehanna boosted their price objective on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a report on Friday, July 31st. B. Riley Financial raised their target price on Silicon Motion Technology from $312.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Weiss Ratings restated a “hold (c)” rating on shares of Silicon Motion Technology in a research note on Monday, August 3rd. Craig Hallum reaffirmed a “buy” rating and set a $325.00 price target on shares of Silicon Motion Technology in a research report on Friday, July 31st. Finally, Needham & Company LLC boosted their price target on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $341.43.

Silicon Motion Technology Stock Up 1.4%

Shares of Silicon Motion Technology stock opened at $272.70 on Friday. The firm has a market capitalization of $9.25 billion, a P/E ratio of 31.97, a PEG ratio of 0.47 and a beta of 1.71. The company has a 50 day moving average price of $282.34 and a 200 day moving average price of $207.95. Silicon Motion Technology has a 52 week low of $71.35 and a 52 week high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.30. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The company had revenue of $451.00 million for the quarter, compared to the consensus estimate of $403.41 million. During the same quarter in the previous year, the firm earned $0.69 EPS. Silicon Motion Technology’s revenue was up 127.0% compared to the same quarter last year. As a group, research analysts anticipate that Silicon Motion Technology will post 10.78 earnings per share for the current fiscal year.

Insider Activity at Silicon Motion Technology

In other news, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the sale, the director directly owned 8,500 shares of the company’s stock, valued at $2,592,500. This represents a 19.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the sale, the director owned 7,500 shares in the company, valued at $2,460,000. The trade was a 11.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 4,000 shares of company stock valued at $1,239,250. Company insiders own 5.34% of the company’s stock.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds have recently added to or reduced their stakes in SIMO. Cooper Investors PTY Ltd. acquired a new stake in Silicon Motion Technology during the 2nd quarter worth about $34,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Silicon Motion Technology in the 2nd quarter valued at about $88,000. Brown Brothers Harriman & Co. acquired a new position in shares of Silicon Motion Technology in the 3rd quarter valued at about $26,000. WealthCollab LLC boosted its stake in shares of Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after buying an additional 151 shares during the last quarter. Finally, Arax Advisory Partners boosted its stake in shares of Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after buying an additional 307 shares during the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Company Profile

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.