$94.97 Million in Sales Expected for Silicon Motion Technology Corp. (SIMO) This Quarter

Brokerages expect Silicon Motion Technology Corp. (NASDAQ:SIMO) to post sales of $94.97 million for the current quarter, according to Zacks. Three analysts have issued estimates for Silicon Motion Technology’s earnings. The lowest sales estimate is $91.30 million and the highest is $101.00 million. Silicon Motion Technology posted sales of $130.34 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 27.1%. The company is scheduled to issue its next earnings report after the market closes on Thursday, May 2nd.

According to Zacks, analysts expect that Silicon Motion Technology will report full-year sales of $509.02 million for the current financial year, with estimates ranging from $486.90 million to $543.08 million. For the next fiscal year, analysts expect that the firm will post sales of $589.26 million, with estimates ranging from $530.30 million to $660.82 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Silicon Motion Technology.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, January 29th. The semiconductor producer reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.30. The business had revenue of $123.39 million for the quarter, compared to analysts’ expectations of $123.21 million. Silicon Motion Technology had a return on equity of 21.30% and a net margin of 18.91%. During the same quarter in the prior year, the firm posted $0.79 EPS.

A number of brokerages have commented on SIMO. BidaskClub upgraded Silicon Motion Technology from a “sell” rating to a “hold” rating in a report on Thursday, February 14th. B. Riley lowered their target price on Silicon Motion Technology from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, April 10th. Zacks Investment Research upgraded Silicon Motion Technology from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 2nd. Needham & Company LLC reiterated a “buy” rating and set a $47.00 target price on shares of Silicon Motion Technology in a report on Thursday, January 31st. Finally, ValuEngine upgraded Silicon Motion Technology from a “sell” rating to a “hold” rating in a report on Tuesday, January 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $51.54.

Institutional investors have recently modified their holdings of the business. SG Americas Securities LLC purchased a new position in shares of Silicon Motion Technology during the 3rd quarter valued at about $121,000. JPMorgan Chase & Co. lifted its holdings in Silicon Motion Technology by 25.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,206,624 shares of the semiconductor producer’s stock worth $64,796,000 after purchasing an additional 247,658 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Silicon Motion Technology by 70.8% in the 3rd quarter. Alliancebernstein L.P. now owns 8,610 shares of the semiconductor producer’s stock worth $462,000 after purchasing an additional 3,570 shares in the last quarter. Quantbot Technologies LP purchased a new position in Silicon Motion Technology in the 3rd quarter worth approximately $118,000. Finally, First Republic Investment Management Inc. purchased a new position in Silicon Motion Technology in the 3rd quarter worth approximately $301,000. 70.87% of the stock is currently owned by institutional investors.

Shares of NASDAQ:SIMO opened at $41.64 on Friday. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 12.21 and a beta of 1.07. Silicon Motion Technology has a one year low of $31.73 and a one year high of $61.85.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.

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