Silicon Motion Technology (NASDAQ:SIMO) Receives Buy Rating from Needham & Company LLC

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They presently have a $70.00 target price on the semiconductor producer’s stock. Needham & Company LLC’s price objective points to a potential upside of 25.97% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. Craig Hallum reduced their target price on shares of Silicon Motion Technology from $96.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Wednesday. Susquehanna dropped their target price on Silicon Motion Technology from $110.00 to $95.00 and set a “positive” rating on the stock in a report on Friday, November 1st. Finally, Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a report on Monday, December 23rd. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $81.11.

Silicon Motion Technology Trading Down 1.9 %

SIMO stock opened at $55.57 on Friday. The stock has a 50-day moving average price of $54.57 and a two-hundred day moving average price of $57.65. The company has a market cap of $1.87 billion, a PE ratio of 21.05, a price-to-earnings-growth ratio of 1.30 and a beta of 0.79. Silicon Motion Technology has a 12-month low of $48.81 and a 12-month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.52% and a net margin of 10.90%. Equities analysts forecast that Silicon Motion Technology will post 2.58 EPS for the current fiscal year.

Silicon Motion Technology announced that its Board of Directors has authorized a stock buyback plan on Wednesday, February 5th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the semiconductor producer to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Silicon Motion Technology

Institutional investors and hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. increased its holdings in shares of Silicon Motion Technology by 129.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 445 shares of the semiconductor producer’s stock valued at $27,000 after acquiring an additional 251 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Silicon Motion Technology by 123.2% in the fourth quarter. GAMMA Investing LLC now owns 877 shares of the semiconductor producer’s stock worth $47,000 after purchasing an additional 484 shares during the period. Blue Trust Inc. increased its stake in Silicon Motion Technology by 139.5% during the third quarter. Blue Trust Inc. now owns 1,365 shares of the semiconductor producer’s stock valued at $83,000 after purchasing an additional 795 shares during the last quarter. Van ECK Associates Corp acquired a new stake in shares of Silicon Motion Technology during the third quarter worth $151,000. Finally, Choreo LLC bought a new position in shares of Silicon Motion Technology in the 4th quarter worth about $209,000. 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.