Silicon Motion Technology (NASDAQ:SIMO) Upgraded to Buy at Bank of America

Bank of America upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a neutral rating to a buy rating in a research note issued to investors on Wednesday morning, Marketbeat reports. The brokerage currently has $90.00 target price on the semiconductor producer’s stock.

SIMO has been the subject of several other research reports. B. Riley reissued a “buy” rating and issued a $90.00 price objective (up previously from $75.00) on shares of Silicon Motion Technology in a report on Thursday, June 5th. Roth Capital upped their price objective on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday. Needham & Company LLC cut their target price on shares of Silicon Motion Technology from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, April 30th. Finally, Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $83.89.

Silicon Motion Technology Stock Down 2.1%

Shares of SIMO stock opened at $69.96 on Wednesday. The firm has a market cap of $2.38 billion, a P/E ratio of 25.08, a PEG ratio of 1.72 and a beta of 0.80. The company has a 50 day moving average of $56.73 and a 200-day moving average of $54.58. Silicon Motion Technology has a 12-month low of $37.21 and a 12-month high of $85.00.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.16. The business had revenue of $166.49 million during the quarter, compared to the consensus estimate of $162.69 million. Silicon Motion Technology had a return on equity of 12.00% and a net margin of 12.06%. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same period last year, the business posted $0.64 earnings per share. As a group, equities analysts expect that Silicon Motion Technology will post 3.08 EPS for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC raised its holdings in shares of Silicon Motion Technology by 61.8% during the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer’s stock valued at $58,000 after buying an additional 440 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Silicon Motion Technology by 79.3% in the 1st quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer’s stock worth $84,000 after acquiring an additional 736 shares during the last quarter. Menard Financial Group LLC purchased a new stake in shares of Silicon Motion Technology in the 4th quarter valued at $88,000. LRI Investments LLC grew its holdings in shares of Silicon Motion Technology by 519.0% during the 4th quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer’s stock valued at $164,000 after purchasing an additional 2,543 shares during the last quarter. Finally, Covestor Ltd raised its position in Silicon Motion Technology by 161.4% in the 1st quarter. Covestor Ltd now owns 3,429 shares of the semiconductor producer’s stock worth $173,000 after purchasing an additional 2,117 shares during the period. 78.02% of the stock is owned by hedge funds and other institutional investors.

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.