B. Riley Reiterates $69.00 Price Target for Silicon Motion Technology Corporation (SIMO)

Silicon Motion Technology Corporation (NASDAQ:SIMO) received a $69.00 price objective from research analysts at B. Riley in a research note issued on Wednesday, October 25th. The brokerage presently has a “buy” rating on the semiconductor producer’s stock. B. Riley’s price target would indicate a potential upside of 46.28% from the stock’s current price.

The analysts wrote, “We nudge our estimates higher to better align with the company’s strong preliminary results relative to guidance. As such, we increase projected Q3 revenue and EPS from $125.5MM/$0.57 to $126.4MM/$0.58, and with some revenue and earnings follow through into Q4 and FY ‘18e and ‘19e as well.””

Other analysts have also recently issued reports about the company. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price objective on shares of Silicon Motion Technology Corporation in a research note on Friday, September 22nd. Standpoint Research upgraded Silicon Motion Technology Corporation from a “reduce” rating to a “buy” rating in a research note on Wednesday, August 30th. Loop Capital reissued a “buy” rating and issued a $51.00 target price on shares of Silicon Motion Technology Corporation in a report on Tuesday, August 22nd. Lake Street Capital reissued a “buy” rating and issued a $50.00 target price (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a report on Tuesday, August 8th. Finally, Craig Hallum reaffirmed a “buy” rating and set a $60.00 price objective (down previously from $67.00) on shares of Silicon Motion Technology Corporation in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $57.67.

Silicon Motion Technology Corporation (NASDAQ SIMO) traded up $0.01 during mid-day trading on Wednesday, hitting $47.17. The stock had a trading volume of 231,800 shares, compared to its average volume of 618,091. Silicon Motion Technology Corporation has a 1-year low of $37.37 and a 1-year high of $55.68. The stock has a market capitalization of $1,666.07, a price-to-earnings ratio of 17.93 and a beta of 0.64.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last released its quarterly earnings results on Friday, October 27th. The semiconductor producer reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Silicon Motion Technology Corporation had a return on equity of 19.58% and a net margin of 17.18%. The company had revenue of $127.20 million for the quarter, compared to analysts’ expectations of $127.24 million. During the same period in the prior year, the firm earned $1.07 earnings per share. The firm’s revenue was down 19.8% compared to the same quarter last year. equities research analysts anticipate that Silicon Motion Technology Corporation will post 2.46 earnings per share for the current year.

Silicon Motion Technology Corporation announced that its board has approved a stock buyback program on Monday, July 31st that permits the company to repurchase $200.00 million in 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 often a sign that the company’s board believes its shares are undervalued.

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A number of hedge funds have recently added to or reduced their stakes in the business. ARGA Investment Management LP grew its stake in Silicon Motion Technology Corporation by 6.2% in the 3rd quarter. ARGA Investment Management LP now owns 1,839,779 shares of the semiconductor producer’s stock worth $88,365,000 after acquiring an additional 106,900 shares during the period. Investec Asset Management LTD grew its stake in shares of Silicon Motion Technology Corporation by 46.4% during the 2nd 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 during the period. William Blair Investment Management LLC grew its stake in shares of Silicon Motion Technology Corporation by 170.4% during the 2nd 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 during the period. Teachers Advisors LLC grew its stake in shares of Silicon Motion Technology Corporation by 27.9% during the 2nd quarter. Teachers Advisors LLC now owns 787,674 shares of the semiconductor producer’s stock valued at $37,990,000 after buying an additional 171,989 shares during the period. Finally, Northcape Capital Pty Ltd grew its stake in shares of Silicon Motion Technology Corporation by 8.0% during the 3rd quarter. Northcape Capital Pty Ltd now owns 664,963 shares of the semiconductor producer’s stock valued at $31,938,000 after buying an additional 49,310 shares during the period. 79.36% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Corporation Company Profile

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.

Analyst Recommendations for Silicon Motion Technology Corporation (NASDAQ:SIMO)

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