Morgan Stanley Trims Silicon Motion Technology (NASDAQ:SIMO) Target Price to $65.00

Silicon Motion Technology (NASDAQ:SIMO) had its price target decreased by Morgan Stanley from $78.00 to $65.00 in a report released on Monday, Benzinga reports. Morgan Stanley currently has an overweight rating on the semiconductor producer’s stock.

Several other brokerages have also weighed in on SIMO. B. Riley dropped their target price on Silicon Motion Technology from $112.00 to $95.00 and set a buy rating on the stock in a research report on Monday, August 5th. Bank of America downgraded shares of Silicon Motion Technology from a buy rating to an underperform rating and cut their price objective for the company from $90.00 to $60.00 in a research report on Friday, August 16th. StockNews.com raised Silicon Motion Technology from a hold rating to a buy rating in a report on Saturday, September 14th. Finally, Needham & Company LLC lifted their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the company a buy rating in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $85.00.

Silicon Motion Technology Trading Down 2.3 %

Shares of NASDAQ SIMO opened at $55.19 on Monday. The business has a 50 day simple moving average of $65.01 and a 200-day simple moving average of $73.21. Silicon Motion Technology has a twelve month low of $49.50 and a twelve month high of $85.87. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 31.36, a price-to-earnings-growth ratio of 0.92 and a beta of 0.84.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The company had revenue of $210.67 million for the quarter, compared to the consensus estimate of $206.75 million. During the same period last year, the firm posted $0.33 EPS. The company’s revenue for the quarter was up 50.1% on a year-over-year basis. As a group, equities analysts predict that Silicon Motion Technology will post 2.86 earnings per share for the current year.

Silicon Motion Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date of this dividend was Thursday, August 8th. Silicon Motion Technology’s dividend payout ratio is presently 113.07%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Inspire Advisors LLC boosted its position in shares of Silicon Motion Technology by 1.9% during the 2nd quarter. Inspire Advisors LLC now owns 13,074 shares of the semiconductor producer’s stock valued at $1,059,000 after purchasing an additional 249 shares in the last quarter. Sei Investments Co. grew its position in Silicon Motion Technology by 0.5% in the second quarter. Sei Investments Co. now owns 56,296 shares of the semiconductor producer’s stock worth $4,559,000 after buying an additional 257 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Silicon Motion Technology by 154.9% in the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock valued at $34,000 after buying an additional 333 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Silicon Motion Technology by 0.5% during the 4th 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. Finally, Assetmark Inc. boosted its stake in shares of Silicon Motion Technology by 34.5% during 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. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Company Profile

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.