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

Silicon Motion Technology (NASDAQ:SIMO) had its price target increased by equities researchers at B. Riley from $101.00 to $105.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor producer’s stock. B. Riley’s price objective would suggest a potential upside of 32.41% from the company’s previous close.

A number of other analysts also recently commented on the company. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday. Craig Hallum boosted 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. Needham & Company LLC restated a “buy” rating and set a $85.00 price objective on shares of Silicon Motion Technology in a research report on Monday. Morgan Stanley upgraded shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $59.00 to $88.00 in a report on Monday. Finally, Susquehanna raised their target price on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a report on Monday. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $91.13.

Silicon Motion Technology Trading Up 7.2 %

SIMO stock traded up $5.34 during trading on Monday, hitting $79.30. The company had a trading volume of 830,124 shares, compared to its average volume of 448,140. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 45.01, a P/E/G ratio of 3.98 and a beta of 0.87. The business has a 50 day moving average of $74.63 and a 200 day moving average of $65.79. Silicon Motion Technology has a fifty-two week low of $49.50 and a fifty-two week high of $95.33.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Tuesday, February 6th. The semiconductor producer reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.12. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.77%. The business had revenue of $202.38 million during the quarter, compared to analysts’ expectations of $197.60 million. As a group, equities analysts predict that Silicon Motion Technology will post 2.65 EPS for the current year.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in SIMO. Wellington Management Group LLP lifted its position in shares of Silicon Motion Technology by 1,250.9% in the third quarter. Wellington Management Group LLP now owns 819,289 shares of the semiconductor producer’s stock worth $41,989,000 after purchasing an additional 758,640 shares in the last quarter. Kodai Capital Management LP acquired a new stake in shares of Silicon Motion Technology during the 4th quarter valued at $44,073,000. Cooper Creek Partners Management LLC grew its holdings in shares of Silicon Motion Technology by 771.4% during the 3rd quarter. Cooper Creek Partners Management LLC now owns 760,554 shares of the semiconductor producer’s stock valued at $38,978,000 after acquiring an additional 673,278 shares in the last quarter. Invesco Ltd. acquired a new position in shares of Silicon Motion Technology in the third quarter worth $32,024,000. Finally, Segantii Capital Management Ltd increased its stake in shares of Silicon Motion Technology by 178.0% in the third quarter. Segantii Capital Management Ltd now owns 833,991 shares of the semiconductor producer’s stock worth $42,742,000 after acquiring an additional 533,991 shares during the last quarter. 78.02% of the stock is currently owned by hedge funds and other 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.