Wedbush Reiterates Outperform Rating for Silicon Motion Technology (NASDAQ:SIMO)

Silicon Motion Technology (NASDAQ:SIMO)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $90.00 price target on the semiconductor producer’s stock. Wedbush’s price target indicates a potential upside of 47.57% from the company’s current price.

SIMO has been the subject of several other research reports. Needham & Company LLC boosted their price objective on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Morgan Stanley dropped their price target on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. B. Riley decreased their price objective on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Bank of America lowered shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $90.00 to $60.00 in a report on Friday, August 16th. Finally, StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, September 14th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $85.56.

Silicon Motion Technology Stock Performance

Silicon Motion Technology stock opened at $60.99 on Wednesday. Silicon Motion Technology has a fifty-two week low of $50.85 and a fifty-two week high of $85.87. The firm’s fifty day moving average price is $61.05 and its 200-day moving average price is $72.17. The stock has a market cap of $2.05 billion, a P/E ratio of 34.65, a price-to-earnings-growth ratio of 0.97 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The company had revenue of $210.67 million for the quarter, compared to analyst estimates of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The firm’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.33 EPS. On average, analysts predict that Silicon Motion Technology will post 2.8 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC grew its holdings in Silicon Motion Technology by 161.5% in the first quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after purchasing an additional 825,394 shares during the period. Lord Abbett & CO. LLC bought a new position in Silicon Motion Technology during the 1st quarter valued at approximately $53,676,000. Farallon Capital Management LLC raised its stake in Silicon Motion Technology by 247.0% during the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after buying an additional 608,949 shares during the last quarter. AIGH Capital Management LLC bought a new stake in Silicon Motion Technology in the second quarter worth $22,272,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Silicon Motion Technology by 615.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 316,294 shares of the semiconductor producer’s stock worth $19,379,000 after acquiring an additional 272,103 shares during 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.