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

Silicon Motion Technology (NASDAQ:SIMO) had its price target dropped by equities researchers at Craig Hallum from $96.00 to $90.00 in a report issued on Thursday, Marketbeat reports. The firm currently has a “buy” rating on the semiconductor producer’s stock. Craig Hallum’s price target points to a potential upside of 70.52% from the stock’s current price.

SIMO has been the subject of a number of other research reports. Needham & Company LLC increased their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research report on Monday, July 8th. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 14th. B. Riley cut their price target on shares of 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. Bank of America lowered shares of Silicon Motion Technology from a “buy” rating to an “underperform” rating and cut their price target for the company from $90.00 to $60.00 in a research note on Friday, August 16th. Finally, Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $52.78 on Thursday. The company has a 50 day moving average price of $58.37 and a 200-day moving average price of $69.20. Silicon Motion Technology has a fifty-two week low of $52.15 and a fifty-two week high of $85.87. The stock has a market capitalization of $1.78 billion, a PE ratio of 19.99, a PEG ratio of 0.88 and a beta of 0.83.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.90% and a return on equity of 11.72%. The firm had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. During the same quarter in the prior year, the company earned $0.33 EPS. The company’s revenue was up 50.1% compared to the same quarter last year. Equities research analysts forecast that Silicon Motion Technology will post 2.86 EPS for the current year.

Institutional Trading of Silicon Motion Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in SIMO. PNC Financial Services Group Inc. grew its position in Silicon Motion Technology by 48.1% during 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 during the period. Diversified Trust Co acquired a new stake in Silicon Motion Technology during the first quarter valued at $277,000. Allspring Global Investments Holdings LLC grew its position in Silicon Motion Technology by 34.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,700 shares of the semiconductor producer’s stock valued at $362,000 after buying an additional 1,200 shares during the period. Principal Financial Group Inc. acquired a new stake in Silicon Motion Technology during the first quarter valued at $547,000. Finally, BNP Paribas Financial Markets grew its position in Silicon Motion Technology by 69.7% during the first quarter. BNP Paribas Financial Markets now owns 8,400 shares of the semiconductor producer’s stock valued at $646,000 after buying an additional 3,449 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

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.