Silicon Motion Technology Corporation (NASDAQ:SIMO – Get Free Report) has received a consensus rating of “Buy” from the ten brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $341.4286.
Several research analysts have recently commented on the company. Wedbush boosted their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Craig Hallum reiterated a “buy” rating and issued a $325.00 target price on shares of Silicon Motion Technology in a research note on Friday, July 31st. JPMorgan Chase & Co. boosted their target price on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Finally, Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st.
Read Our Latest Stock Report on SIMO
Silicon Motion Technology Stock Up 8.4%
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last posted its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $451.00 million during the quarter, compared to analyst estimates of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.Silicon Motion Technology’s revenue was up 127.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.69 earnings per share. Analysts anticipate that Silicon Motion Technology will post 10.78 EPS for the current fiscal year.
Insider Buying and Selling
In related news, Director Han-Ping Shieh sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the transaction, the director owned 7,500 shares in the company, valued at $2,460,000. The trade was a 11.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kuan-Ming Lin sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the transaction, the director owned 8,500 shares of the company’s stock, valued at approximately $2,592,500. This trade represents a 19.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 4,000 shares of company stock worth $1,239,250. Insiders own 5.34% of the company’s stock.
Hedge Funds Weigh In On Silicon Motion Technology
A number of large investors have recently made changes to their positions in SIMO. Assetmark Inc. grew its position in shares of Silicon Motion Technology by 2.3% during the 1st quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock valued at $316,000 after acquiring an additional 63 shares during the period. Wedbush Securities Inc. grew its holdings in Silicon Motion Technology by 1.7% in the fourth quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer’s stock valued at $434,000 after purchasing an additional 79 shares during the period. NewEdge Wealth LLC raised its stake in shares of Silicon Motion Technology by 3.6% during the 4th quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer’s stock worth $244,000 after buying an additional 91 shares during the period. Cooper Investors PTY Ltd. acquired a new position in Silicon Motion Technology during the second quarter worth $34,000. Finally, Ballentine Partners LLC increased its stake in Silicon Motion Technology by 2.8% during the 4th quarter. Ballentine Partners LLC now owns 4,006 shares of the semiconductor producer’s stock worth $371,000 after buying an additional 110 shares in the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.
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.
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