Silicon Motion Technology (NASDAQ:SIMO) Price Target Cut to $95.00

Silicon Motion Technology (NASDAQ:SIMO) had its target price lowered by B. Riley from $112.00 to $95.00 in a research report sent to investors on Monday, Benzinga reports. B. Riley currently has a buy rating on the semiconductor producer’s stock.

A number of other research analysts have also issued reports on the company. Susquehanna lifted their target price on Silicon Motion Technology from $100.00 to $110.00 and gave the stock a positive rating in a report on Monday, May 6th. Wedbush reaffirmed an outperform rating and set a $85.00 target price on shares of Silicon Motion Technology in a report on Friday, May 3rd. Needham & Company LLC lifted their target price on Silicon Motion Technology from $85.00 to $94.00 and gave the stock a buy rating in a report on Monday, July 8th. Craig Hallum increased their price target on Silicon Motion Technology from $80.00 to $96.00 and gave the company a buy rating in a research report on Monday, May 6th. Finally, StockNews.com upgraded Silicon Motion Technology from a hold rating to a buy rating in a research report on Friday, May 3rd. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Silicon Motion Technology has a consensus rating of Buy and a consensus price target of $91.00.

Silicon Motion Technology Price Performance

Shares of SIMO traded down $1.14 during trading hours on Monday, reaching $57.51. 640,615 shares of the company’s stock traded hands, compared to its average volume of 422,283. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 33.32, a P/E/G ratio of 0.58 and a beta of 0.86. Silicon Motion Technology has a twelve month low of $49.50 and a twelve month high of $85.87. The business’s fifty day simple moving average is $78.39 and its two-hundred day simple moving average is $74.60.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The company had revenue of $210.67 million for the quarter, compared to analyst estimates of $206.75 million. Silicon Motion Technology had a return on equity of 10.41% and a net margin of 10.14%. The company’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same period last year, the company earned $0.33 earnings per share. On average, equities research analysts expect that Silicon Motion Technology will post 2.85 EPS for the current year.

Silicon Motion Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, August 8th. This represents a $2.00 dividend on an annualized basis and a yield of 3.48%. Silicon Motion Technology’s payout ratio is presently 113.07%.

Institutional Investors Weigh In On Silicon Motion Technology

A number of institutional investors have recently bought and sold shares of SIMO. Acadian Asset Management LLC raised its stake in shares of Silicon Motion Technology by 161.5% during the 1st quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after purchasing an additional 825,394 shares in the last quarter. Kodai Capital Management LP purchased a new stake in shares of Silicon Motion Technology during the 4th quarter worth about $44,073,000. Lord Abbett & CO. LLC purchased a new stake in shares of Silicon Motion Technology during the 1st quarter worth about $53,676,000. Farallon Capital Management LLC raised its stake in shares of Silicon Motion Technology by 247.0% during the 1st quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after purchasing an additional 608,949 shares in the last quarter. Finally, Pertento Partners LLP raised its stake in shares of Silicon Motion Technology by 262.6% during the 4th quarter. Pertento Partners LLP now owns 605,469 shares of the semiconductor producer’s stock worth $37,097,000 after purchasing an additional 438,469 shares in the last quarter. 78.02% of the stock is currently 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.