Silicon Motion Technology (NASDAQ:SIMO) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Silicon Motion Technology (NASDAQ:SIMO) in a report published on Monday morning, Benzinga reports. They currently have a $85.00 target price on the semiconductor producer’s stock.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. upped their price target on Silicon Motion Technology from $77.00 to $85.00 and gave the stock an overweight rating in a research report on Thursday, February 8th. StockNews.com upgraded Silicon Motion Technology from a hold rating to a buy rating in a research note on Friday, May 3rd. B. Riley boosted their price target on Silicon Motion Technology from $93.00 to $101.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. Wedbush reaffirmed an outperform rating and issued a $85.00 price objective on shares of Silicon Motion Technology in a research report on Friday, May 3rd. Finally, Craig Hallum lifted their target price on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a buy rating in a research note on Monday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $91.13.

Silicon Motion Technology Price Performance

SIMO opened at $76.90 on Monday. The firm has a market capitalization of $2.59 billion, a PE ratio of 43.69, a price-to-earnings-growth ratio of 3.98 and a beta of 0.87. The business’s 50-day moving average is $75.29 and its two-hundred day moving average is $66.28. Silicon Motion Technology has a 1 year low of $49.50 and a 1 year high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. The firm had revenue of $202.38 million for the quarter, compared to the consensus estimate of $197.60 million. As a group, sell-side analysts expect that Silicon Motion Technology will post 2.65 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Wednesday, May 8th. Silicon Motion Technology’s payout ratio is 113.07%.

Institutional Trading of Silicon Motion Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in SIMO. Wellington Management Group LLP boosted its holdings in Silicon Motion Technology by 1,250.9% in the third quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock valued at $41,989,000 after purchasing an additional 758,640 shares during the last quarter. Kodai Capital Management LP purchased a new stake in shares of Silicon Motion Technology in the fourth quarter worth about $44,073,000. Lord Abbett & CO. LLC acquired a new stake in Silicon Motion Technology during the first quarter worth about $53,676,000. Cooper Creek Partners Management LLC raised its position in Silicon Motion Technology by 771.4% during the third quarter. Cooper Creek Partners Management LLC now owns 760,554 shares of the semiconductor producer’s stock valued at $38,978,000 after acquiring an additional 673,278 shares in the last quarter. Finally, Invesco Ltd. acquired a new position in Silicon Motion Technology in the third quarter valued at approximately $32,024,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

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.