Silicon Motion Technology (NASDAQ:SIMO) PT Lowered to $45.00 at Roth Capital

Silicon Motion Technology (NASDAQ:SIMO) had its price objective cut by Roth Capital from $50.00 to $45.00 in a report released on Thursday morning, The Fly reports. They currently have a buy rating on the semiconductor producer’s stock.

Several other research firms have also recently issued reports on SIMO. B. Riley upped their price target on Silicon Motion Technology from $52.00 to $55.00 and gave the company a buy rating in a report on Monday, May 6th. JPMorgan Chase & Co. cut Silicon Motion Technology from an overweight rating to a neutral rating and dropped their price target for the company from $50.00 to $40.00 in a report on Thursday. BidaskClub cut Silicon Motion Technology from a buy rating to a hold rating in a report on Wednesday, July 17th. Morgan Stanley cut Silicon Motion Technology from an equal weight rating to an underweight rating in a report on Monday, April 22nd. Finally, Cowen reaffirmed an outperform rating and issued a $42.00 price target (down previously from $45.00) on shares of Silicon Motion Technology in a report on Thursday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Silicon Motion Technology currently has a consensus rating of Hold and an average target price of $47.58.

SIMO traded down $1.37 during trading on Thursday, reaching $32.64. The stock had a trading volume of 3,857 shares, compared to its average volume of 372,502. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 9.97, a price-to-earnings-growth ratio of 3.57 and a beta of 1.04. Silicon Motion Technology has a 1-year low of $31.73 and a 1-year high of $61.85. The stock has a 50 day simple moving average of $41.78.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, July 30th. The semiconductor producer reported $0.52 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.52. The firm had revenue of $98.80 million during the quarter, compared to the consensus estimate of $97.33 million. Silicon Motion Technology had a return on equity of 17.76% and a net margin of 17.84%. The firm’s revenue for the quarter was down 28.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.92 earnings per share. As a group, sell-side analysts anticipate that Silicon Motion Technology will post 1.79 earnings per share for the current year.

A number of large investors have recently made changes to their positions in SIMO. JPMorgan Chase & Co. raised its stake in Silicon Motion Technology by 131.4% during the 1st quarter. JPMorgan Chase & Co. now owns 1,603,438 shares of the semiconductor producer’s stock valued at $63,562,000 after purchasing an additional 910,427 shares during the period. ARGA Investment Management LP boosted its holdings in Silicon Motion Technology by 15.5% in the second quarter. ARGA Investment Management LP now owns 1,560,879 shares of the semiconductor producer’s stock worth $69,272,000 after purchasing an additional 209,089 shares in the last quarter. Penn Capital Management Co. Inc. bought a new stake in Silicon Motion Technology in the first quarter worth $6,641,000. Skyline Asset Management LP bought a new stake in Silicon Motion Technology in the first quarter worth $6,331,000. Finally, New York State Common Retirement Fund boosted its holdings in Silicon Motion Technology by 856.2% in the first quarter. New York State Common Retirement Fund now owns 114,989 shares of the semiconductor producer’s stock worth $4,558,000 after purchasing an additional 102,964 shares in the last quarter. 69.71% of the stock is currently owned by institutional investors.

Silicon Motion Technology Company Profile

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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