B. Riley Trims Silicon Motion Technology (NASDAQ:SIMO) Target Price to $95.00

Silicon Motion Technology (NASDAQ:SIMO) had its price target dropped by research analysts at B. Riley from $112.00 to $95.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor producer’s stock. B. Riley’s price target points to a potential upside of 61.76% from the company’s previous close.

A number of other research firms have also commented on SIMO. Craig Hallum boosted their price target on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the company a “buy” rating in a research report on Monday, May 6th. StockNews.com raised Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Wedbush reissued an “outperform” rating and set a $85.00 target price on shares of Silicon Motion Technology in a research note on Friday, May 3rd. Morgan Stanley raised shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $59.00 to $88.00 in a research note on Monday, May 6th. Finally, Susquehanna upped their price target on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the stock a “positive” rating in a research note on Monday, May 6th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Silicon Motion Technology currently has an average rating of “Buy” and an average target price of $91.00.

Silicon Motion Technology Trading Down 6.0 %

Shares of SIMO traded down $3.77 during trading hours on Monday, reaching $58.73. 290,575 shares of the stock traded hands, compared to its average volume of 418,815. The stock has a fifty day simple moving average of $78.39 and a 200 day simple moving average of $74.60. Silicon Motion Technology has a 52 week low of $49.50 and a 52 week high of $85.87. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 33.83, a PEG ratio of 0.60 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.41%. The company had revenue of $189.31 million for the quarter, compared to analysts’ expectations of $180.23 million. Analysts predict that Silicon Motion Technology will post 2.84 earnings per share for the current fiscal year.

Institutional Trading of Silicon Motion Technology

Large investors have recently made changes to their positions in the stock. Acadian Asset Management LLC grew its position in shares of Silicon Motion Technology by 161.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after buying an additional 825,394 shares during the last quarter. Alpine Associates Management Inc. grew its position in Silicon Motion Technology by 0.3% during the 4th quarter. Alpine Associates Management Inc. now owns 955,514 shares of the semiconductor producer’s stock worth $58,544,000 after purchasing an additional 3,300 shares during the period. Farallon Capital Management LLC raised its position in Silicon Motion Technology by 247.0% during the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock valued at $65,818,000 after acquiring an additional 608,949 shares in the last quarter. Reinhart Partners LLC. grew its position in Silicon Motion Technology by 2.4% during the second quarter. Reinhart Partners LLC. now owns 754,017 shares of the semiconductor producer’s stock valued at $61,068,000 after buying an additional 17,646 shares during the period. Finally, Kodai Capital Management LP purchased a new position in shares of Silicon Motion Technology during the 4th quarter valued at approximately $44,073,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

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.