Summit Redstone reissued their hold rating on shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) in a report released on Saturday, July 22nd.
Other research analysts have also issued reports about the stock. B. Riley reissued a buy rating and set a $68.75 price target on shares of Silicon Motion Technology Corporation in a research report on Monday, May 1st. Needham & Company LLC reissued a buy rating and set a $56.00 price target (down from $60.00) on shares of Silicon Motion Technology Corporation in a research report on Tuesday, April 11th. Zacks Investment Research upgraded shares of Silicon Motion Technology Corporation from a hold rating to a buy rating and set a $57.00 price objective for the company in a report on Friday, May 5th. Loop Capital restated a buy rating and set a $61.00 price objective (up previously from $53.00) on shares of Silicon Motion Technology Corporation in a report on Tuesday, June 6th. Finally, ValuEngine downgraded shares of Silicon Motion Technology Corporation from a buy rating to a hold rating in a report on Friday, June 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $56.84.
Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) traded up 0.767% during mid-day trading on Friday, reaching $42.675. The company had a trading volume of 403,802 shares. The company’s 50-day moving average price is $43.72 and its 200-day moving average price is $45.84. The company has a market capitalization of $1.53 billion, a PE ratio of 14.427 and a beta of 0.68. Silicon Motion Technology Corporation has a 52-week low of $37.37 and a 52-week high of $56.25.
Silicon Motion Technology Corporation (NASDAQ:SIMO) last released its quarterly earnings data on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by $0.04. Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The business had revenue of $132.70 million during the quarter, compared to the consensus estimate of $132.92 million. During the same period last year, the business posted $0.86 earnings per share. The firm’s quarterly revenue was down 5.7% on a year-over-year basis. On average, analysts forecast that Silicon Motion Technology Corporation will post $2.67 earnings per share for the current fiscal year.
Silicon Motion Technology Corporation declared that its Board of Directors has approved a stock repurchase program on Monday, July 31st that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the semiconductor producer to repurchase up to 13.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently modified their holdings of SIMO. Wellington Management Group LLP increased its position in shares of Silicon Motion Technology Corporation by 8.5% in the first quarter. Wellington Management Group LLP now owns 2,489,838 shares of the semiconductor producer’s stock worth $116,400,000 after buying an additional 194,518 shares during the last quarter. ARGA Investment Management LP increased its position in shares of Silicon Motion Technology Corporation by 46.1% in the second quarter. ARGA Investment Management LP now owns 1,732,879 shares of the semiconductor producer’s stock worth $83,577,000 after buying an additional 546,487 shares during the last quarter. Lazard Asset Management LLC increased its position in shares of Silicon Motion Technology Corporation by 10.1% in the first quarter. Lazard Asset Management LLC now owns 1,639,575 shares of the semiconductor producer’s stock worth $76,650,000 after buying an additional 150,619 shares during the last quarter. Investec Asset Management LTD increased its position in shares of Silicon Motion Technology Corporation by 46.4% in the second quarter. Investec Asset Management LTD now owns 1,638,818 shares of the semiconductor producer’s stock worth $79,040,000 after buying an additional 519,631 shares during the last quarter. Finally, William Blair Investment Management LLC increased its position in shares of Silicon Motion Technology Corporation by 170.4% in the second quarter. William Blair Investment Management LLC now owns 947,862 shares of the semiconductor producer’s stock worth $45,715,000 after buying an additional 597,352 shares during the last quarter. 84.49% of the stock is currently owned by institutional investors and hedge funds.
About Silicon Motion Technology Corporation
Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.
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