Silicon Motion Technology (NASDAQ:SIMO) Price Target Lowered to $90.00 at Craig Hallum

Silicon Motion Technology (NASDAQ:SIMO) had its price objective dropped by Craig Hallum from $96.00 to $90.00 in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage presently has a “buy” rating on the semiconductor producer’s stock. Craig Hallum’s target price would suggest a potential upside of 70.52% from the company’s previous close.

Several other equities analysts also recently weighed in on SIMO. Bank of America downgraded shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $90.00 to $60.00 in a research note on Friday, August 16th. Needham & Company LLC lifted their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. B. Riley reduced their target price on shares of Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Roth Mkm reduced their target price on shares of Silicon Motion Technology from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, October 8th. Finally, StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $81.67.

Silicon Motion Technology Stock Down 1.9 %

SIMO opened at $52.78 on Thursday. The company has a market cap of $1.78 billion, a price-to-earnings ratio of 19.99, a PEG ratio of 0.88 and a beta of 0.83. Silicon Motion Technology has a 52-week low of $52.15 and a 52-week high of $85.87. The firm’s fifty day simple moving average is $58.37 and its two-hundred day simple moving average is $69.20.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SIMO. PNC Financial Services Group Inc. grew its holdings in shares of Silicon Motion Technology by 48.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the semiconductor producer’s stock valued at $155,000 after purchasing an additional 821 shares in the last quarter. Diversified Trust Co acquired a new position in shares of Silicon Motion Technology in the first quarter valued at approximately $277,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Silicon Motion Technology by 34.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,700 shares of the semiconductor producer’s stock valued at $362,000 after purchasing an additional 1,200 shares in the last quarter. Principal Financial Group Inc. acquired a new position in shares of Silicon Motion Technology in the first quarter valued at approximately $547,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Silicon Motion Technology by 69.7% in the first quarter. BNP Paribas Financial Markets now owns 8,400 shares of the semiconductor producer’s stock valued at $646,000 after purchasing an additional 3,449 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

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.