Silicon Motion Technology (SIMO) Upgraded at Summit Redstone

Silicon Motion Technology (NASDAQ:SIMO) was upgraded by investment analysts at Summit Redstone from a “hold” rating to a “buy” rating in a research note issued on Thursday.

A number of other analysts have also issued reports on SIMO. Loop Capital restated a “buy” rating and set a $51.00 target price on shares of Silicon Motion Technology in a research report on Tuesday, August 22nd. Standpoint Research upgraded shares of Silicon Motion Technology from a “reduce” rating to a “buy” rating in a research report on Wednesday, August 30th. Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of Silicon Motion Technology in a research report on Friday, September 22nd. Zacks Investment Research upgraded shares of Silicon Motion Technology from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Roth Capital increased their price target on shares of Silicon Motion Technology from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Three research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $57.67.

Silicon Motion Technology (SIMO) traded down $1.87 during mid-day trading on Thursday, hitting $52.47. 767,600 shares of the stock traded hands, compared to its average volume of 609,191. The firm has a market capitalization of $1,919.72, a price-to-earnings ratio of 20.66 and a beta of 0.64. Silicon Motion Technology has a twelve month low of $37.37 and a twelve month high of $55.68.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Friday, October 27th. The semiconductor producer reported $0.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.01. Silicon Motion Technology had a net margin of 17.18% and a return on equity of 19.58%. The firm had revenue of $127.20 million for the quarter, compared to analyst estimates of $127.24 million. During the same quarter last year, the business earned $1.07 earnings per share. Silicon Motion Technology’s revenue was down 19.8% compared to the same quarter last year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ARGA Investment Management LP grew its holdings in Silicon Motion Technology by 6.2% during the 3rd quarter. ARGA Investment Management LP now owns 1,839,779 shares of the semiconductor producer’s stock valued at $88,365,000 after purchasing an additional 106,900 shares in the last quarter. Investec Asset Management LTD grew its holdings in Silicon Motion Technology by 46.4% during the 2nd quarter. Investec Asset Management LTD now owns 1,638,818 shares of the semiconductor producer’s stock valued at $79,040,000 after purchasing an additional 519,631 shares in the last quarter. William Blair Investment Management LLC grew its holdings in Silicon Motion Technology by 170.4% during the 2nd quarter. William Blair Investment Management LLC now owns 947,862 shares of the semiconductor producer’s stock valued at $45,715,000 after purchasing an additional 597,352 shares in the last quarter. Royce & Associates LP grew its holdings in Silicon Motion Technology by 78.0% during the 3rd quarter. Royce & Associates LP now owns 801,540 shares of the semiconductor producer’s stock valued at $38,498,000 after purchasing an additional 351,140 shares in the last quarter. Finally, Teachers Advisors LLC grew its holdings in Silicon Motion Technology by 27.9% during the 2nd quarter. Teachers Advisors LLC now owns 787,674 shares of the semiconductor producer’s stock valued at $37,990,000 after purchasing an additional 171,989 shares in the last quarter. 82.84% of the stock is owned by institutional investors and hedge funds.

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About Silicon Motion Technology

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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