Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) had its price target lifted by research analysts at Wedbush from $230.00 to $400.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor producer’s stock. Wedbush’s price target would indicate a potential upside of 24.35% from the stock’s previous close.
A number of other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Susquehanna lifted their target price on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. Craig Hallum reaffirmed a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a report on Thursday, April 30th. Roth Mkm reaffirmed a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 29th. Finally, Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Buy” and an average price target of $246.43.
Get Our Latest Analysis on Silicon Motion Technology
Silicon Motion Technology Price Performance
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $342.11 million during the quarter, compared to the consensus estimate of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The firm’s revenue was up 105.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 EPS. On average, equities research analysts expect that Silicon Motion Technology will post 8.06 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Silicon Motion Technology
A number of institutional investors have recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. purchased a new position in shares of Silicon Motion Technology in the third quarter worth $26,000. WealthCollab LLC grew its stake in Silicon Motion Technology by 77.4% during the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after acquiring an additional 151 shares in the last quarter. Arax Advisory Partners grew its stake in Silicon Motion Technology by 220.9% during the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after acquiring an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after acquiring an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC bought a new stake in Silicon Motion Technology in the 4th quarter valued at $71,000. 78.02% of the stock is owned by hedge funds and other institutional investors.
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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