Craig Hallum Has Lowered Expectations for Silicon Motion Technology (NASDAQ:SIMO) Stock Price

Silicon Motion Technology (NASDAQ:SIMO) had its target price decreased by equities researchers at Craig Hallum from $96.00 to $90.00 in a research report issued on Thursday, Briefing.com reports. The brokerage currently has a “buy” rating on the semiconductor producer’s stock. Craig Hallum’s target price would indicate a potential upside of 67.66% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Needham & Company LLC increased their price objective on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. Bank of America downgraded shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $90.00 to $60.00 in a report on Friday, August 16th. Finally, B. Riley dropped their price target on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $85.44.

Silicon Motion Technology Trading Down 4.2 %

Shares of NASDAQ SIMO traded down $2.33 during mid-day trading on Thursday, reaching $53.68. 191,816 shares of the company’s stock were exchanged, compared to its average volume of 376,629. The business has a fifty day simple moving average of $58.81 and a 200 day simple moving average of $69.46. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of 23.26, a PEG ratio of 0.88 and a beta of 0.83. Silicon Motion Technology has a twelve month low of $52.92 and a twelve month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The business 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 10.31% and a net margin of 10.14%. Silicon Motion Technology’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.33 EPS. Equities research analysts predict that Silicon Motion Technology will post 2.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silicon Motion Technology

A number of large investors have recently modified their holdings of SIMO. Blue Trust Inc. lifted its position in shares of Silicon Motion Technology by 3,971.4% during the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock worth $44,000 after buying an additional 556 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Silicon Motion Technology in the second quarter valued at about $139,000. LRI Investments LLC acquired a new stake in Silicon Motion Technology in the first quarter valued at about $150,000. PNC Financial Services Group Inc. boosted its stake in Silicon Motion Technology by 48.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the semiconductor producer’s stock valued at $155,000 after buying an additional 821 shares in the last quarter. Finally, HBK Sorce Advisory LLC acquired a new stake in Silicon Motion Technology in the first quarter valued at about $204,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

About Silicon Motion Technology

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.