Silicon Motion Technology Corporation (NASDAQ:SIMO)‘s stock had its “buy” rating restated by research analysts at Loop Capital in a research report issued to clients and investors on Tuesday. They presently have a $51.00 price target on the semiconductor producer’s stock. Loop Capital’s target price indicates a potential upside of 20.25% from the stock’s previous close.
Other equities research analysts also recently issued research reports about the company. B. Riley restated a “buy” rating and set a $68.75 price target on shares of Silicon Motion Technology Corporation in a report on Saturday, July 15th. ValuEngine downgraded Silicon Motion Technology Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 16th. Lake Street Capital restated a “buy” rating and set a $50.00 price target (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a report on Wednesday, August 2nd. Standpoint Research downgraded Silicon Motion Technology Corporation from a “buy” rating to a “reduce” rating in a report on Tuesday, June 6th. Finally, Zacks Investment Research downgraded Silicon Motion Technology Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $56.63.
Shares of Silicon Motion Technology Corporation (SIMO) opened at 42.41 on Tuesday. Silicon Motion Technology Corporation has a 12-month low of $37.37 and a 12-month high of $56.25. The company has a market cap of $1.52 billion, a PE ratio of 14.34 and a beta of 0.68. The company has a 50-day moving average of $43.13 and a 200 day moving average of $45.97.
Silicon Motion Technology Corporation (NASDAQ:SIMO) last issued its quarterly earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by $0.04. Silicon Motion Technology Corporation had a return on equity of 24.24% and a net margin of 18.91%. The company had revenue of $132.70 million for the quarter, compared to analysts’ expectations of $132.92 million. During the same quarter last year, the company earned $0.86 EPS. Silicon Motion Technology Corporation’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, equities research analysts expect that Silicon Motion Technology Corporation will post $2.67 EPS for the current year.
Silicon Motion Technology Corporation declared that its board has initiated a stock buyback program on Monday, July 31st that allows the company to buyback $200.00 million in shares. This buyback authorization allows the semiconductor producer to purchase up to 13.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ARGA Investment Management LP acquired a new position in Silicon Motion Technology Corporation during the first quarter valued at about $55,464,000. Columbia Wanger Asset Management LLC acquired a new position in Silicon Motion Technology Corporation during the first quarter valued at about $36,231,000. William Blair Investment Management LLC boosted its position in 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 valued at $45,715,000 after buying an additional 597,352 shares in the last quarter. Investec Asset Management LTD boosted its position in 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 valued at $79,040,000 after buying an additional 519,631 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new position in Silicon Motion Technology Corporation during the second quarter valued at about $20,501,000. 84.49% of the stock is 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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