Silicon Motion Technology (NASDAQ:SIMO) Raised to Buy at Summit Redstone

Silicon Motion Technology (NASDAQ:SIMO) was upgraded by equities research analysts at Summit Redstone from a “hold” rating to a “buy” rating in a research report issued on Thursday, December 7th, MarketBeat.com reports.

A number of other analysts have also commented on SIMO. Zacks Investment Research raised shares of Silicon Motion Technology from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 3rd. B. Riley set a $69.00 price target on shares of Silicon Motion Technology and gave the company a “buy” rating in a report on Wednesday, October 25th. ValuEngine raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Loop Capital reissued a “buy” rating and issued a $51.00 price target on shares of Silicon Motion Technology in a report on Tuesday, August 22nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 price objective (up from $54.00) on shares of Silicon Motion Technology in a research report on Monday, October 9th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $57.85.

Shares of Silicon Motion Technology (NASDAQ SIMO) traded up $2.27 on Thursday, reaching $55.23. 289,504 shares of the company’s stock were exchanged, compared to its average volume of 197,900. Silicon Motion Technology has a 1 year low of $37.37 and a 1 year high of $55.68. The company has a market capitalization of $1,950.00, a PE ratio of 21.57 and a beta of 0.65.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Friday, October 27th. The semiconductor producer reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Silicon Motion Technology had a net margin of 17.18% and a return on equity of 19.58%. The business had revenue of $127.20 million during the quarter, compared to analyst estimates of $127.24 million. During the same quarter last year, the business posted $1.07 earnings per share. Silicon Motion Technology’s revenue for the quarter was down 19.8% compared to the same quarter last year. research analysts predict that Silicon Motion Technology will post 2.31 earnings per share for the current year.

Several hedge funds have recently modified their holdings of the company. ARGA Investment Management LP raised its holdings in shares of Silicon Motion Technology by 6.2% in the 3rd quarter. ARGA Investment Management LP now owns 1,839,779 shares of the semiconductor producer’s stock valued at $88,365,000 after purchasing an additional 106,900 shares during the period. Investec Asset Management LTD grew its stake in Silicon Motion Technology by 46.4% in the 2nd quarter. Investec Asset Management LTD now owns 1,638,818 shares of the semiconductor producer’s stock valued at $79,040,000 after buying an additional 519,631 shares during the last quarter. William Blair Investment Management LLC grew its stake in Silicon Motion Technology by 170.4% in the 2nd quarter. William Blair Investment Management LLC now owns 947,862 shares of the semiconductor producer’s stock valued at $45,715,000 after buying an additional 597,352 shares during the last quarter. Royce & Associates LP grew its stake in Silicon Motion Technology by 78.0% in the 3rd quarter. Royce & Associates LP now owns 801,540 shares of the semiconductor producer’s stock valued at $38,498,000 after buying an additional 351,140 shares during the last quarter. Finally, Teachers Advisors LLC grew its stake in Silicon Motion Technology by 27.9% in the 2nd quarter. Teachers Advisors LLC now owns 787,674 shares of the semiconductor producer’s stock valued at $37,990,000 after buying an additional 171,989 shares during the last quarter. 82.79% of the stock is currently owned by institutional investors.

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Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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