Silicon Motion Technology Co. (NASDAQ:SIMO) Receives $80.63 Average PT from Analysts

Silicon Motion Technology Co. (NASDAQ:SIMO) has earned an average recommendation of “Moderate Buy” from the eight research firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and seven have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $80.63.

Several equities research analysts have issued reports on SIMO shares. StockNews.com downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Silicon Motion Technology in a research report on Monday, December 23rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $70.00 target price on shares of Silicon Motion Technology in a research report on Friday, February 7th.

Silicon Motion Technology Stock Down 1.6 %

SIMO stock opened at $39.22 on Monday. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 1.36 and a beta of 0.81. The business has a fifty day simple moving average of $50.70 and a 200-day simple moving average of $53.48. Silicon Motion Technology has a 52 week low of $37.21 and a 52 week high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Wednesday, February 5th. The semiconductor producer reported $0.68 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.10). Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. As a group, analysts expect that Silicon Motion Technology will post 3.08 earnings per share for the current fiscal year.

Silicon Motion Technology announced that its board has initiated a stock repurchase program on Wednesday, February 5th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the semiconductor producer to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Silicon Motion Technology

A number of institutional investors have recently made changes to their positions in SIMO. Reinhart Partners LLC. increased its stake in shares of Silicon Motion Technology by 20.1% in the first quarter. Reinhart Partners LLC. now owns 1,364,291 shares of the semiconductor producer’s stock worth $68,979,000 after buying an additional 228,553 shares during the last quarter. Lord Abbett & CO. LLC increased its position in shares of Silicon Motion Technology by 20.0% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer’s stock worth $71,612,000 after purchasing an additional 221,017 shares during the last quarter. Pertento Partners LLP raised its stake in shares of Silicon Motion Technology by 31.2% in the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer’s stock valued at $63,072,000 after purchasing an additional 277,462 shares in the last quarter. Invesco Ltd. lifted its position in shares of Silicon Motion Technology by 22.8% during the fourth quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer’s stock worth $56,146,000 after purchasing an additional 192,646 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Silicon Motion Technology by 40.1% during the fourth quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer’s stock worth $43,088,000 after purchasing an additional 228,333 shares during the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.

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.