Needham & Company LLC Boosts Silicon Motion Technology (NASDAQ:SIMO) Price Target to $94.00

Silicon Motion Technology (NASDAQ:SIMO) had its price objective boosted by Needham & Company LLC from $85.00 to $94.00 in a report released on Monday, Benzinga reports. The firm currently has a buy rating on the semiconductor producer’s stock.

A number of other research analysts also recently issued reports on SIMO. Morgan Stanley upgraded Silicon Motion Technology from an equal weight rating to an overweight rating and increased their price objective for the stock from $59.00 to $88.00 in a report on Monday, May 6th. B. Riley boosted their price objective on shares of Silicon Motion Technology from $101.00 to $105.00 and gave the stock a buy rating in a research report on Monday, May 6th. Wedbush reaffirmed an outperform rating and issued a $85.00 target price on shares of Silicon Motion Technology in a research report on Friday, May 3rd. StockNews.com upgraded shares of Silicon Motion Technology from a hold rating to a buy rating in a research note on Friday, May 3rd. Finally, Craig Hallum increased their price objective on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a buy rating in a research note on Monday, May 6th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Silicon Motion Technology presently has an average rating of Buy and a consensus price target of $93.13.

Silicon Motion Technology Price Performance

NASDAQ:SIMO opened at $80.57 on Monday. The business’s 50-day simple moving average is $79.74 and its 200-day simple moving average is $73.26. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $95.33. The stock has a market capitalization of $2.71 billion, a PE ratio of 45.78, a price-to-earnings-growth ratio of 0.78 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.07. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.78%. The company had revenue of $189.31 million during the quarter, compared to analysts’ expectations of $180.23 million. On average, research analysts expect that Silicon Motion Technology will post 2.81 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th were given a $0.50 dividend. The ex-dividend date was Wednesday, May 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.48%. Silicon Motion Technology’s payout ratio is 113.07%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Harbor Capital Advisors Inc. boosted its position in Silicon Motion Technology by 273.6% during the second quarter. Harbor Capital Advisors Inc. now owns 65,566 shares of the semiconductor producer’s stock worth $5,310,000 after purchasing an additional 48,015 shares during the period. Farallon Capital Management LLC boosted its holdings in shares of Silicon Motion Technology by 247.0% during the 1st quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after buying an additional 608,949 shares during the period. LRI Investments LLC acquired a new position in Silicon Motion Technology in the 1st quarter valued at about $150,000. Kennedy Capital Management LLC raised its holdings in Silicon Motion Technology by 71.9% in the 1st quarter. Kennedy Capital Management LLC now owns 220,906 shares of the semiconductor producer’s stock valued at $16,997,000 after acquiring an additional 92,386 shares during the period. Finally, Silvercrest Asset Management Group LLC acquired a new stake in Silicon Motion Technology during the first quarter worth approximately $8,191,000. 78.02% of the stock is owned by institutional investors and hedge funds.

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.