Silicon Motion Technology (NASDAQ:SIMO) Cut to Hold at ValuEngine

Silicon Motion Technology (NASDAQ:SIMO) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Thursday, ValuEngine reports.

A number of other research firms have also commented on SIMO. Cowen restated an “outperform” rating and set a $42.00 price target (down from $45.00) on shares of Silicon Motion Technology in a research report on Thursday, August 1st. Wedbush initiated coverage on shares of Silicon Motion Technology in a research report on Tuesday. They set a “neutral” rating and a $39.00 price target for the company. KeyCorp set a $58.00 target price on shares of Silicon Motion Technology and gave the stock a “hold” rating in a research report on Tuesday, September 10th. BidaskClub upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Finally, JPMorgan Chase & Co. lowered shares of Silicon Motion Technology from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $50.00 to $40.00 in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $45.77.

Silicon Motion Technology stock opened at $38.05 on Thursday. Silicon Motion Technology has a 1-year low of $30.86 and a 1-year high of $47.23. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 11.16, a P/E/G ratio of 4.35 and a beta of 1.03. The firm has a 50 day simple moving average of $35.32 and a 200 day simple moving average of $38.07.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, July 30th. The semiconductor producer reported $0.52 EPS for the quarter, meeting analysts’ consensus estimates of $0.52. The firm had revenue of $98.80 million during the quarter, compared to analyst estimates of $97.33 million. Silicon Motion Technology had a net margin of 17.84% and a return on equity of 17.76%. The business’s revenue for the quarter was down 28.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.92 EPS. Equities research analysts anticipate that Silicon Motion Technology will post 1.79 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in SIMO. CWM LLC grew its position in Silicon Motion Technology by 3,624.1% in the second quarter. CWM LLC now owns 1,080 shares of the semiconductor producer’s stock worth $48,000 after acquiring an additional 1,051 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its position in Silicon Motion Technology by 60.3% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,480 shares of the semiconductor producer’s stock worth $66,000 after acquiring an additional 557 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in Silicon Motion Technology by 19.7% in the second quarter. Oppenheimer Asset Management Inc. now owns 2,298 shares of the semiconductor producer’s stock worth $102,000 after acquiring an additional 379 shares in the last quarter. Quantamental Technologies LLC lifted its stake in Silicon Motion Technology by 535.0% in the second quarter. Quantamental Technologies LLC now owns 4,432 shares of the semiconductor producer’s stock worth $197,000 after purchasing an additional 3,734 shares during the last quarter. Finally, Keybank National Association OH bought a new stake in Silicon Motion Technology in the second quarter worth $209,000. Institutional investors own 71.10% of the company’s stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.

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