Silicon Motion Technology (NASDAQ:SIMO) Given New $85.00 Price Target at Needham & Company LLC

by · The Markets Daily

Silicon Motion Technology (NASDAQ:SIMO – Free Report) had its price target raised by Needham & Company LLC from $75.00 to $85.00 in a research note released on Wednesday, Benzinga reports. They currently have a buy rating on the semiconductor producer’s stock.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. upped their target price on Silicon Motion Technology from $77.00 to $85.00 and gave the stock an overweight rating in a report on Thursday, February 8th. Craig Hallum upped their price target on Silicon Motion Technology from $75.00 to $80.00 and gave the stock a buy rating in a research note on Wednesday, February 7th. B. Riley restated a buy rating and issued a $93.00 price target (up previously from $90.00) on shares of Silicon Motion Technology in a research note on Friday, March 15th. Finally, Wedbush restated an outperform rating and issued a $85.00 price target on shares of Silicon Motion Technology in a research note on Thursday, February 8th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $87.57.

Check Out Our Latest Research Report on Silicon Motion Technology

Silicon Motion Technology Price Performance

Shares of NASDAQ:SIMO opened at $75.28 on Wednesday. Silicon Motion Technology has a 1 year low of $49.50 and a 1 year high of $95.33. The company has a market cap of $2.49 billion, a PE ratio of 47.65, a P/E/G ratio of 4.19 and a beta of 0.85. The stock’s 50-day moving average is $72.98 and its 200 day moving average is $63.59.

Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last posted its earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.12. Silicon Motion Technology had a return on equity of 7.01% and a net margin of 8.27%. The firm had revenue of $202.38 million for the quarter, compared to the consensus estimate of $197.60 million. Analysts expect that Silicon Motion Technology will post 2.66 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Tuesday, February 20th were given a $0.50 dividend. The ex-dividend date was Friday, February 16th. This represents a $2.00 annualized dividend and a yield of 2.66%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 125.95%.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 1832 Asset Management L.P. bought a new position in Silicon Motion Technology in the 4th quarter valued at approximately $26,000. Parallel Advisors LLC lifted its position in Silicon Motion Technology by 154.9% in the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after acquiring an additional 333 shares in the last quarter. Signaturefd LLC lifted its position in Silicon Motion Technology by 183.5% in the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock valued at $35,000 after acquiring an additional 444 shares in the last quarter. Quarry LP bought a new position in Silicon Motion Technology in the 2nd quarter valued at approximately $36,000. Finally, Barclays PLC bought a new position in Silicon Motion Technology in the 4th quarter valued at approximately $39,000. 78.02% of the stock is owned by institutional investors.

About Silicon Motion Technology

(Get Free Report)

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.

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