Silicon Motion Technology Corporation (NASDAQ:SIMO) Expected to Announce Quarterly Sales of $133.99 Million

Analysts forecast that Silicon Motion Technology Corporation (NASDAQ:SIMO) will report $133.99 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Silicon Motion Technology Corporation’s earnings. The highest sales estimate is $137.90 million and the lowest is $130.00 million. Silicon Motion Technology Corporation reported sales of $140.69 million during the same quarter last year, which indicates a negative year over year growth rate of 4.8%. The company is expected to issue its next quarterly earnings results after the market closes on Monday, July 31st.

According to Zacks, analysts expect that Silicon Motion Technology Corporation will report full-year sales of $133.99 million for the current fiscal year, with estimates ranging from $552.30 million to $589.80 million. For the next year, analysts expect that the business will report sales of $635.67 million per share, with estimates ranging from $615.00 million to $650.00 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Silicon Motion Technology Corporation.

Several research analysts recently commented on the stock. BidaskClub lowered shares of Silicon Motion Technology Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Summit Redstone restated a “hold” rating on shares of Silicon Motion Technology Corporation in a report on Saturday, July 22nd. B. Riley restated a “buy” rating and issued a $68.75 price target on shares of Silicon Motion Technology Corporation in a report on Saturday, July 15th. Loop Capital cut their price target on shares of Silicon Motion Technology Corporation from $61.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, July 10th. Finally, Needham & Company LLC restated a “buy” rating and issued a $54.00 price target (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a report on Friday, July 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. Silicon Motion Technology Corporation presently has an average rating of “Hold” and a consensus target price of $57.56.

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Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) traded down 1.06% on Friday, hitting $41.11. 1,142,477 shares of the company were exchanged. Silicon Motion Technology Corporation has a 52-week low of $37.37 and a 52-week high of $56.25. The firm has a market cap of $1.46 billion, a P/E ratio of 13.18 and a beta of 0.73. The company has a 50-day moving average price of $46.91 and a 200 day moving average price of $45.84.

Several hedge funds have recently bought and sold shares of the stock. Janney Montgomery Scott LLC raised its stake in Silicon Motion Technology Corporation by 5.5% in the first quarter. Janney Montgomery Scott LLC now owns 20,038 shares of the semiconductor producer’s stock worth $937,000 after buying an additional 1,043 shares in the last quarter. Dubuque Bank & Trust Co. raised its stake in Silicon Motion Technology Corporation by 253.4% in the first quarter. Dubuque Bank & Trust Co. now owns 4,531 shares of the semiconductor producer’s stock worth $212,000 after buying an additional 3,249 shares in the last quarter. Independent Portfolio Consultants Inc. raised its stake in Silicon Motion Technology Corporation by 11.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 8,540 shares of the semiconductor producer’s stock worth $399,000 after buying an additional 875 shares in the last quarter. Nationwide Fund Advisors raised its stake in Silicon Motion Technology Corporation by 261.6% in the first quarter. Nationwide Fund Advisors now owns 52,167 shares of the semiconductor producer’s stock worth $2,439,000 after buying an additional 37,742 shares in the last quarter. Finally, Hartwell J M Limited Partnership raised its stake in Silicon Motion Technology Corporation by 52.6% in the first quarter. Hartwell J M Limited Partnership now owns 8,700 shares of the semiconductor producer’s stock worth $407,000 after buying an additional 3,000 shares in the last quarter. Institutional investors own 80.36% of the company’s stock.

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.

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