Silicon Motion Technology (NASDAQ:SIMO) Price Target Raised to $105.00 at B. Riley

Silicon Motion Technology (NASDAQ:SIMO) had its target price upped by analysts at B. Riley from $101.00 to $105.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor producer’s stock. B. Riley’s price target would indicate a potential upside of 32.41% from the company’s previous close.

A number of other research firms also recently weighed in on SIMO. Craig Hallum raised their price target on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a research report on Monday. Susquehanna boosted their target price on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a research report on Monday. JPMorgan Chase & Co. upped their target price on shares of Silicon Motion Technology from $77.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Friday. Finally, Morgan Stanley raised Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $59.00 to $88.00 in a research report on Monday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $91.13.

Silicon Motion Technology Stock Performance

SIMO traded up $5.34 on Monday, reaching $79.30. 830,124 shares of the company’s stock were exchanged, compared to its average volume of 448,140. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 45.01, a PEG ratio of 3.98 and a beta of 0.87. The company’s 50 day moving average is $74.63 and its 200-day moving average is $65.79. Silicon Motion Technology has a twelve month low of $49.50 and a twelve month high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, February 6th. The semiconductor producer reported $0.63 EPS for the quarter, topping the consensus estimate of $0.51 by $0.12. The firm had revenue of $202.38 million for the quarter, compared to analyst estimates of $197.60 million. Silicon Motion Technology had a return on equity of 7.77% and a net margin of 8.34%. Sell-side analysts forecast that Silicon Motion Technology will post 2.65 EPS for the current year.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC lifted its position in shares of Silicon Motion Technology by 154.9% during the 4th quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after buying an additional 333 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Silicon Motion Technology by 0.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 73,150 shares of the semiconductor producer’s stock valued at $4,482,000 after acquiring an additional 341 shares during the last quarter. Assetmark Inc. boosted its holdings in shares of Silicon Motion Technology by 34.5% in the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock worth $82,000 after acquiring an additional 342 shares in the last quarter. Signaturefd LLC grew its position in Silicon Motion Technology by 183.5% during the 3rd quarter. Signaturefd LLC now owns 686 shares of the semiconductor producer’s stock worth $35,000 after acquiring an additional 444 shares during the last quarter. Finally, Covestor Ltd increased its stake in shares of Silicon Motion Technology by 76.9% in the third quarter. Covestor Ltd now owns 1,788 shares of the semiconductor producer’s stock valued at $92,000 after buying an additional 777 shares in the last quarter. 78.02% of the stock is owned by institutional investors.

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.