Silicon Motion Technology Corporation (NASDAQ:SIMO – Get Free Report)’s share price rose 6.1% on Tuesday . The stock traded as high as $252.05 and last traded at $254.4380. Approximately 523,002 shares changed hands during trading, a decline of 34% from the average daily volume of 791,731 shares. The stock had previously closed at $239.76.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on SIMO. B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Wall Street Zen upgraded shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Needham & Company LLC lifted their target price on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Finally, Wedbush lifted their target price on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $205.63.
View Our Latest Analysis on Silicon Motion Technology
Silicon Motion Technology Trading Up 7.0%
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The company had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. During the same period last year, the company posted $0.60 EPS. Silicon Motion Technology’s revenue was up 105.5% on a year-over-year basis. Analysts anticipate that Silicon Motion Technology Corporation will post 7.77 earnings per share for the current year.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the company. Reinhart Partners LLC. raised its holdings in Silicon Motion Technology by 4.8% in the fourth quarter. Reinhart Partners LLC. now owns 1,573,355 shares of the semiconductor producer’s stock worth $145,851,000 after buying an additional 72,421 shares during the last quarter. Pertento Partners LLP raised its holdings in Silicon Motion Technology by 2.5% in the third quarter. Pertento Partners LLP now owns 1,290,409 shares of the semiconductor producer’s stock worth $122,344,000 after buying an additional 31,405 shares during the last quarter. Hawk Ridge Capital Management LP raised its holdings in Silicon Motion Technology by 48.9% in the first quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer’s stock worth $131,752,000 after buying an additional 385,568 shares during the last quarter. Lazard Asset Management LLC raised its holdings in Silicon Motion Technology by 2.3% in the third quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock worth $74,299,000 after buying an additional 17,741 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in Silicon Motion Technology by 40.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer’s stock worth $57,840,000 after buying an additional 181,206 shares during the last quarter. 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.
Featured Articles
- Five stocks we like better than Silicon Motion Technology
- HIVE Weaponizes Power for an AI Pivot
- A Deep Dive Into NVIDIA’s Latest Portfolio Moves
- Brady Corp Wires Up a Massive AI-Powered Breakout
- Why Home Depot’s Sell-Off Could Become a Huge Opportunity
Receive News & Ratings for Silicon Motion Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Silicon Motion Technology and related companies with MarketBeat.com's FREE daily email newsletter.
