Brokerages Set Silicon Motion Technology Co. (NASDAQ:SIMO) Target Price at $81.67

Silicon Motion Technology Co. (NASDAQ:SIMO) has earned a consensus rating of “Moderate Buy” from the nine brokerages that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $81.67.

A number of brokerages have recently commented on SIMO. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. Craig Hallum cut their target price on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Susquehanna reduced their price target on shares of Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating for the company in a report on Friday, November 1st. Morgan Stanley dropped their price objective on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Finally, Roth Mkm reduced their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, October 8th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its holdings in shares of Silicon Motion Technology by 139.3% in the 2nd quarter. Principal Financial Group Inc. now owns 17,020 shares of the semiconductor producer’s stock worth $1,378,000 after buying an additional 9,909 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in Silicon Motion Technology by 29.9% during the second quarter. Commonwealth Equity Services LLC now owns 11,788 shares of the semiconductor producer’s stock worth $955,000 after acquiring an additional 2,714 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Silicon Motion Technology by 6,186.7% during the second quarter. National Bank of Canada FI now owns 47,150 shares of the semiconductor producer’s stock valued at $3,766,000 after acquiring an additional 46,400 shares during the period. AIGH Capital Management LLC bought a new position in shares of Silicon Motion Technology during the second quarter valued at $22,272,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at $139,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Price Performance

Shares of SIMO opened at $55.17 on Friday. The company has a market capitalization of $1.86 billion, a PE ratio of 20.90, a price-to-earnings-growth ratio of 1.61 and a beta of 0.80. Silicon Motion Technology has a one year low of $50.50 and a one year high of $85.87. The company’s fifty day moving average price is $54.90 and its 200 day moving average price is $61.50.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Wednesday, October 30th. The semiconductor producer reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.07. Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. The company had revenue of $212.40 million for the quarter, compared to the consensus estimate of $209.49 million. During the same period last year, the business posted $0.32 earnings per share. The firm’s revenue was up 23.3% compared to the same quarter last year. Analysts anticipate that Silicon Motion Technology will post 2.59 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were paid a $0.50 dividend. The ex-dividend date was Thursday, November 14th. This represents a $2.00 dividend on an annualized basis and a yield of 3.63%. Silicon Motion Technology’s payout ratio is currently 75.76%.

About Silicon Motion Technology

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.