Silicon Motion Technology (NASDAQ:SIMO) Releases Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Silicon Motion Technology (NASDAQ:SIMO) announced its quarterly earnings results on Tuesday. The semiconductor producer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.05), Briefing.com reports. Silicon Motion Technology had a return on equity of 12.37% and a net margin of 12.27%.The firm had revenue of $278.46 million during the quarter, compared to the consensus estimate of $260.64 million. During the same quarter in the previous year, the firm earned $0.91 EPS. The business’s revenue for the quarter was up 45.7% on a year-over-year basis.

Silicon Motion Technology Price Performance

Shares of SIMO opened at $120.42 on Wednesday. The firm has a market capitalization of $4.09 billion, a P/E ratio of 41.38, a PEG ratio of 1.32 and a beta of 1.06. Silicon Motion Technology has a one year low of $37.21 and a one year high of $127.67. The business has a fifty day moving average of $100.47 and a 200 day moving average of $91.21.

Analyst Ratings Changes

Several research analysts have recently issued reports on SIMO shares. Roth Mkm reiterated a “buy” rating and issued a $120.00 target price on shares of Silicon Motion Technology in a research note on Friday, October 31st. Zacks Research lowered shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Wedbush set a $120.00 target price on Silicon Motion Technology in a research note on Monday, November 3rd. JPMorgan Chase & Co. lifted their target price on Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Finally, B. Riley upped their price target on Silicon Motion Technology from $125.00 to $135.00 and gave the company a “buy” rating in a report on Monday, January 12th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Silicon Motion Technology currently has a consensus rating of “Moderate Buy” and an average target price of $113.13.

Institutional Investors Weigh In On Silicon Motion Technology

Large investors have recently made changes to their positions in the company. Lazard Asset Management LLC increased its position in shares of Silicon Motion Technology by 2.3% during the 3rd quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock valued at $74,299,000 after purchasing an additional 17,741 shares during the last quarter. Hawk Ridge Capital Management LP grew its position in Silicon Motion Technology by 71.8% during the third quarter. Hawk Ridge Capital Management LP now owns 372,747 shares of the semiconductor producer’s stock valued at $35,340,000 after buying an additional 155,817 shares during the period. Bank of America Corp DE increased its holdings in Silicon Motion Technology by 17.0% during the second quarter. Bank of America Corp DE now owns 268,095 shares of the semiconductor producer’s stock valued at $20,153,000 after buying an additional 38,969 shares during the last quarter. UBS Group AG raised its position in Silicon Motion Technology by 35.7% in the third quarter. UBS Group AG now owns 252,993 shares of the semiconductor producer’s stock worth $23,986,000 after acquiring an additional 66,526 shares during the period. Finally, Millennium Management LLC raised its position in Silicon Motion Technology by 70.5% in the third quarter. Millennium Management LLC now owns 213,188 shares of the semiconductor producer’s stock worth $20,212,000 after acquiring an additional 88,146 shares during the period. 78.02% of the stock is currently owned by 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.