Silicon Motion Technology Corporation (NASDAQ:SIMO – Get Free Report)’s share price gapped down before the market opened on Tuesday. The stock had previously closed at $217.24, but opened at $208.40. Silicon Motion Technology shares last traded at $213.64, with a volume of 48,075 shares traded.
Analyst Upgrades and Downgrades
SIMO has been the topic of several research analyst reports. Weiss Ratings lowered Silicon Motion Technology from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday. Susquehanna lifted their target price on Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a research report on Friday, July 31st. Roth Capital reissued a “buy” rating and set a $350.00 target price on shares of Silicon Motion Technology in a research note on Thursday, July 30th. Wall Street Zen downgraded Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, Craig Hallum reissued a “buy” rating and issued a $325.00 target price on shares of Silicon Motion Technology in a report on Friday, July 31st. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $341.43.
Read Our Latest Research Report on SIMO
Silicon Motion Technology Price Performance
The company has a market capitalization of $7.32 billion, a P/E ratio of 25.32, a PEG ratio of 0.37 and a beta of 1.69. The company has a fifty day moving average price of $256.75 and a two-hundred day moving average price of $249.74.
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.30. The company had revenue of $451.00 million during the quarter, compared to the consensus estimate of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%. The firm’s revenue was up 127.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.69 earnings per share. As a group, sell-side analysts forecast that Silicon Motion Technology Corporation will post 10.60 earnings per share for the current year.
Institutional Trading of Silicon Motion Technology
A number of institutional investors and hedge funds have recently bought and sold shares of SIMO. Assetmark Inc. grew its holdings in Silicon Motion Technology by 2.3% during the first quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock worth $316,000 after buying an additional 63 shares in the last quarter. Cooper Investors PTY Ltd. bought a new position in Silicon Motion Technology during the 2nd quarter valued at $34,000. Stronghold Wealth Management L.L.C. lifted its stake in Silicon Motion Technology by 17.8% during the 3rd quarter. Stronghold Wealth Management L.L.C. now owns 740 shares of the semiconductor producer’s stock valued at $207,000 after acquiring an additional 112 shares in the last quarter. Hardy Reed LLC boosted its holdings in Silicon Motion Technology by 3.4% during the 1st quarter. Hardy Reed LLC now owns 5,010 shares of the semiconductor producer’s stock worth $563,000 after acquiring an additional 166 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in Silicon Motion Technology by 26.4% during the 2nd quarter. Allworth Financial LP now owns 834 shares of the semiconductor producer’s stock worth $278,000 after acquiring an additional 174 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.
About Silicon Motion Technology
Silicon Motion Technology Corporation is a fabless semiconductor company that designs, develops and markets NAND flash storage controllers. Its products manage the storage, performance, reliability and power consumption of data stored in NAND flash memory and are used in a range of consumer, mobile, computing and industrial applications.
The company’s product portfolio includes controllers for solid-state drives (SSDs), embedded storage products such as eMMC and UFS devices, and other flash-based storage solutions.
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