Silicon Motion Technology Corporation (SIMO) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) from a buy rating to a hold rating in a research report released on Tuesday, July 4th.

According to Zacks, “Silicon Motion continues to benefit from strategic product launches. Additionally, continuing investments on product development will drive growth. The full-year 2017 guidance is positive. We note that the company has underperformed the broader market on a year-to-date basis. Meanwhile, estimates have been stable lately ahead of the Q2 earnings release. The company has positive record of earnings surprises in recent quarters. We expect share price momentum to continue driven by significant improvement in NAND flash supply in second-half 2017. Moreover, strategic product launches and strong commitment toward R&D activities are key catalysts.”

Several other research analysts also recently weighed in on the stock. Pacific Crest restated an overweight rating and issued a $62.00 target price on shares of Silicon Motion Technology Corporation in a research note on Wednesday, June 21st. ValuEngine downgraded shares of Silicon Motion Technology Corporation from a buy rating to a hold rating in a research note on Friday, June 16th. Loop Capital reaffirmed a buy rating and issued a $61.00 price target (up from $53.00) on shares of Silicon Motion Technology Corporation in a report on Tuesday, June 6th. Standpoint Research cut shares of Silicon Motion Technology Corporation from a buy rating to a reduce rating in a report on Tuesday, June 6th. Finally, B. Riley reaffirmed a buy rating and issued a $68.75 price target on shares of Silicon Motion Technology Corporation in a report on Saturday, May 6th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. Silicon Motion Technology Corporation presently has an average rating of Hold and a consensus price target of $57.56.

Silicon Motion Technology Corporation (SIMO) traded down 0.12% during trading on Tuesday, reaching $41.55. 909,553 shares of the company’s stock traded hands. The company has a market cap of $1.47 billion, a PE ratio of 13.33 and a beta of 0.72. The company has a 50 day moving average price of $47.26 and a 200-day moving average price of $45.81. Silicon Motion Technology Corporation has a 12-month low of $37.37 and a 12-month high of $56.25.

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Several institutional investors have recently bought and sold shares of SIMO. Suffolk Capital Management LLC raised its position in Silicon Motion Technology Corporation by 3.5% in the second quarter. Suffolk Capital Management LLC now owns 31,506 shares of the semiconductor producer’s stock valued at $1,520,000 after buying an additional 1,053 shares during the period. Janney Montgomery Scott LLC raised its position in Silicon Motion Technology Corporation by 5.6% in the second quarter. Janney Montgomery Scott LLC now owns 21,157 shares of the semiconductor producer’s stock valued at $1,020,000 after buying an additional 1,119 shares during the period. Congress Asset Management Co. MA raised its position in Silicon Motion Technology Corporation by 15.8% in the second quarter. Congress Asset Management Co. MA now owns 18,786 shares of the semiconductor producer’s stock valued at $906,000 after buying an additional 2,567 shares during the period. Acadian Asset Management LLC raised its position in Silicon Motion Technology Corporation by 118.8% in the second quarter. Acadian Asset Management LLC now owns 575,025 shares of the semiconductor producer’s stock valued at $27,734,000 after buying an additional 312,224 shares during the period. Finally, Tributary Capital Management LLC raised its position in Silicon Motion Technology Corporation by 11.7% in the second quarter. Tributary Capital Management LLC now owns 237,737 shares of the semiconductor producer’s stock valued at $11,466,000 after buying an additional 24,879 shares during the period. Institutional investors own 79.80% of the company’s stock.

Silicon Motion Technology Corporation Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

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