Silicon Motion Technology (NASDAQ:SIMO) PT Lowered to $52.00 at B. Riley

Silicon Motion Technology (NASDAQ:SIMO) had its price objective reduced by analysts at B. Riley from $53.00 to $52.00 in a research report issued to clients and investors on Wednesday, April 10th, Stock Target Advisor reports. The firm currently has a “buy” rating on the semiconductor producer’s stock. B. Riley’s target price would suggest a potential upside of 30.59% from the stock’s previous close. B. Riley also issued estimates for Silicon Motion Technology’s Q1 2019 earnings at $0.26 EPS, Q2 2019 earnings at $0.44 EPS, Q3 2019 earnings at $0.76 EPS, Q4 2019 earnings at $0.74 EPS, FY2019 earnings at $2.19 EPS and FY2020 earnings at $2.45 EPS.

Several other research firms have also recently weighed in on SIMO. Needham & Company LLC reiterated a “buy” rating and issued a $47.00 price target on shares of Silicon Motion Technology in a report on Thursday, January 31st. Roth Capital lowered their price objective on Silicon Motion Technology from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, January 9th. Zacks Investment Research lowered Silicon Motion Technology from a “buy” rating to a “hold” rating in a research report on Monday, February 4th. BidaskClub raised Silicon Motion Technology from a “strong sell” rating to a “sell” rating in a research report on Tuesday, December 25th. Finally, ValuEngine raised Silicon Motion Technology from a “sell” rating to a “hold” rating in a research report on Tuesday, January 29th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. Silicon Motion Technology currently has an average rating of “Buy” and a consensus target price of $51.54.

NASDAQ SIMO traded up $2.00 on Wednesday, reaching $39.82. 572,005 shares of the company’s stock traded hands, compared to its average volume of 372,859. Silicon Motion Technology has a 12 month low of $31.73 and a 12 month high of $61.85. The stock has a market capitalization of $1.44 billion, a P/E ratio of 11.68 and a beta of 1.03.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Thursday, May 2nd. The semiconductor producer reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.07. Silicon Motion Technology had a net margin of 18.91% and a return on equity of 21.30%. The firm had revenue of $94.69 million for the quarter, compared to analysts’ expectations of $93.23 million. During the same quarter last year, the business earned $0.71 earnings per share. The business’s revenue was down 27.4% on a year-over-year basis. Sell-side analysts forecast that Silicon Motion Technology will post 2.19 earnings per share for the current year.

Large investors have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA raised its holdings in Silicon Motion Technology by 8.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,733,523 shares of the semiconductor producer’s stock valued at $94,307,000 after buying an additional 203,157 shares during the period. ARGA Investment Management LP raised its holdings in Silicon Motion Technology by 10.0% during the 4th quarter. ARGA Investment Management LP now owns 1,922,113 shares of the semiconductor producer’s stock valued at $66,313,000 after buying an additional 175,382 shares during the period. Investec Asset Management LTD grew its position in Silicon Motion Technology by 15.3% in the 4th quarter. Investec Asset Management LTD now owns 1,667,213 shares of the semiconductor producer’s stock valued at $57,519,000 after acquiring an additional 220,976 shares during the last quarter. JPMorgan Chase & Co. grew its position in Silicon Motion Technology by 25.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,206,624 shares of the semiconductor producer’s stock valued at $64,796,000 after acquiring an additional 247,658 shares during the last quarter. Finally, Yiheng Capital LLC grew its position in Silicon Motion Technology by 88.7% in the 4th quarter. Yiheng Capital LLC now owns 821,513 shares of the semiconductor producer’s stock valued at $28,342,000 after acquiring an additional 386,212 shares during the last quarter. Institutional investors own 70.97% of the company’s stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.

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