Susquehanna Lowers Silicon Motion Technology (NASDAQ:SIMO) Price Target to $95.00

Silicon Motion Technology (NASDAQ:SIMO) had its price objective cut by Susquehanna from $110.00 to $95.00 in a report issued on Friday, Benzinga reports. The firm presently has a “positive” rating on the semiconductor producer’s stock. Susquehanna’s price target points to a potential upside of 79.99% from the company’s current price.

Several other research firms have also recently weighed in on SIMO. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. B. Riley reduced their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Craig Hallum reduced 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. 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. Finally, Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat, Silicon Motion Technology has a consensus rating of “Moderate Buy” and an average price target of $81.67.

Silicon Motion Technology Stock Performance

Shares of NASDAQ:SIMO opened at $52.78 on Friday. The company has a market cap of $1.78 billion, a P/E ratio of 19.99, a P/E/G ratio of 0.85 and a beta of 0.84. The stock’s 50-day moving average is $58.37 and its 200-day moving average is $69.17. Silicon Motion Technology has a 52-week low of $52.15 and a 52-week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.72%. The business had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. During the same quarter last year, the company earned $0.33 earnings per share. The firm’s revenue was up 50.1% on a year-over-year basis. As a group, equities analysts predict that Silicon Motion Technology will post 2.86 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SIMO. Acadian Asset Management LLC raised its stake in shares of 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 valued at $102,779,000 after acquiring an additional 825,394 shares during the last quarter. Lord Abbett & CO. LLC bought a new position in shares of Silicon Motion Technology in the first quarter valued at approximately $53,676,000. Farallon Capital Management LLC raised its stake in shares of Silicon Motion Technology by 247.0% in the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after acquiring an additional 608,949 shares during the last quarter. Reinhart Partners LLC. raised its stake in shares of Silicon Motion Technology by 43.3% in the third quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock valued at $65,622,000 after acquiring an additional 326,358 shares during the last quarter. Finally, AIGH Capital Management LLC bought a new position in shares of Silicon Motion Technology in the second quarter valued at approximately $22,272,000. Institutional investors 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.