Needham & Company LLC Issues Pessimistic Forecast for Silicon Motion Technology (NASDAQ:SIMO) Stock Price

Silicon Motion Technology (NASDAQ:SIMO) had its price objective lowered by Needham & Company LLC from $94.00 to $75.00 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the semiconductor producer’s stock.

SIMO has been the topic of a number of other research reports. Roth Mkm reduced their target price on Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, October 8th. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Craig Hallum lowered their price objective on Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Morgan Stanley lowered their target price on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Finally, Wedbush reaffirmed an “outperform” rating and set a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Price Performance

SIMO opened at $52.29 on Friday. The stock has a market cap of $1.76 billion, a P/E ratio of 19.81, a P/E/G ratio of 1.34 and a beta of 0.84. The stock’s 50 day simple moving average is $58.17 and its 200 day simple moving average is $68.99. Silicon Motion Technology has a 1-year low of $51.92 and a 1-year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.07. The company had revenue of $212.40 million during the quarter, compared to the consensus estimate of $209.49 million. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. Silicon Motion Technology’s revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 earnings per share. Research analysts expect that Silicon Motion Technology will post 2.78 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date is Thursday, November 14th. Silicon Motion Technology’s dividend payout ratio (DPR) is 75.38%.

Institutional Investors Weigh In On Silicon Motion Technology

Hedge funds have recently bought and sold shares of the company. Easterly Investment Partners LLC lifted its stake in Silicon Motion Technology by 3.0% during the third quarter. Easterly Investment Partners LLC now owns 225,792 shares of the semiconductor producer’s stock worth $13,715,000 after purchasing an additional 6,528 shares during the period. Robeco Institutional Asset Management B.V. increased its holdings in shares of Silicon Motion Technology by 28.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 376,324 shares of the semiconductor producer’s stock worth $22,858,000 after buying an additional 83,992 shares in the last quarter. Van ECK Associates Corp acquired a new stake in shares of Silicon Motion Technology in the third quarter valued at approximately $151,000. Harbor Capital Advisors Inc. increased its holdings in shares of Silicon Motion Technology by 95.7% in the third quarter. Harbor Capital Advisors Inc. now owns 128,299 shares of the semiconductor producer’s stock valued at $7,793,000 after purchasing an additional 62,733 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in shares of Silicon Motion Technology by 46.4% in the third quarter. Farther Finance Advisors LLC now owns 3,925 shares of the semiconductor producer’s stock valued at $238,000 after purchasing an additional 1,244 shares in the last quarter. 78.02% 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 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.