Silicon Motion Technology Corporation (SIMO) Rating Reiterated by Northland Securities

Silicon Motion Technology Corporation (NASDAQ:SIMO)‘s stock had its “buy” rating reissued by research analysts at Northland Securities in a research report issued on Sunday. They currently have a $60.00 target price on the semiconductor producer’s stock. Northland Securities’ price objective points to a potential upside of 26.98% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $57.00 target price on shares of Silicon Motion Technology Corporation in a research note on Friday. B. Riley set a $69.00 target price on shares of Silicon Motion Technology Corporation and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Roth Capital boosted their target price on shares of Silicon Motion Technology Corporation from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Loop Capital boosted their target price on shares of Silicon Motion Technology Corporation from $51.00 to $59.00 and gave the stock a “buy” rating in a research note on Monday, October 9th. Finally, Zacks Investment Research raised shares of Silicon Motion Technology Corporation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. Silicon Motion Technology Corporation has an average rating of “Buy” and a consensus target price of $57.67.

Silicon Motion Technology Corporation (SIMO) opened at 47.25 on Friday. The firm’s 50-day moving average price is $48.90 and its 200 day moving average price is $47.52. Silicon Motion Technology Corporation has a 12-month low of $37.37 and a 12-month high of $55.68. The firm has a market cap of $1.69 billion, a P/E ratio of 15.97 and a beta of 0.70.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last posted its earnings results on Friday, October 27th. The semiconductor producer reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. The firm had revenue of $127.20 million for the quarter, compared to analysts’ expectations of $127.24 million. Silicon Motion Technology Corporation had a net margin of 17.18% and a return on equity of 20.07%. The company’s revenue was down 19.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 earnings per share. Analysts forecast that Silicon Motion Technology Corporation will post $2.69 earnings per share for the current fiscal year.

Silicon Motion Technology Corporation announced that its Board of Directors has authorized a stock repurchase program on Monday, July 31st that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the semiconductor producer to reacquire up to 13.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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Several institutional investors have recently modified their holdings of SIMO. First Trust Advisors LP grew its stake in shares of Silicon Motion Technology Corporation by 20.7% in the first quarter. First Trust Advisors LP now owns 10,970 shares of the semiconductor producer’s stock worth $513,000 after purchasing an additional 1,878 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Silicon Motion Technology Corporation by 34.7% in the first quarter. Ameriprise Financial Inc. now owns 64,259 shares of the semiconductor producer’s stock worth $3,004,000 after purchasing an additional 16,552 shares during the last quarter. Teachers Advisors LLC grew its stake in shares of Silicon Motion Technology Corporation by 69.3% in the first quarter. Teachers Advisors LLC now owns 615,685 shares of the semiconductor producer’s stock worth $28,783,000 after purchasing an additional 251,985 shares during the last quarter. UBS Group AG grew its stake in shares of Silicon Motion Technology Corporation by 96.4% in the first quarter. UBS Group AG now owns 35,639 shares of the semiconductor producer’s stock worth $1,666,000 after purchasing an additional 17,491 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Silicon Motion Technology Corporation by 270.5% in the first quarter. Renaissance Technologies LLC now owns 410,779 shares of the semiconductor producer’s stock worth $19,204,000 after purchasing an additional 299,900 shares during the last quarter. 79.38% of the stock is currently owned by 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.

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