Silicon Motion Technology Corporation (SIMO) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) in a report published on Friday. The brokerage currently has a $54.00 price target on the semiconductor producer’s stock.

SIMO has been the subject of a number of other reports. B. Riley reiterated a buy rating and issued a $68.75 price objective on shares of Silicon Motion Technology Corporation in a research report on Monday, August 7th. Lake Street Capital reiterated a buy rating and issued a $50.00 price objective (down from $56.00) on shares of Silicon Motion Technology Corporation in a research report on Tuesday, August 8th. Standpoint Research lowered Silicon Motion Technology Corporation from a buy rating to a reduce rating in a research report on Tuesday, June 6th. Roth Capital lowered their price objective on Silicon Motion Technology Corporation from $60.00 to $55.00 and set a buy rating for the company in a research report on Tuesday, August 1st. Finally, Zacks Investment Research lowered Silicon Motion Technology Corporation from a buy rating to a hold rating in a research report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $56.63.

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) opened at 45.00 on Friday. The firm has a market capitalization of $1.61 billion, a P/E ratio of 15.21 and a beta of 0.67. Silicon Motion Technology Corporation has a one year low of $37.37 and a one year high of $55.68. The firm has a 50-day moving average of $44.26 and a 200-day moving average of $46.61.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last announced its earnings results on Monday, July 31st. The semiconductor producer reported $0.69 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.04). Silicon Motion Technology Corporation had a net margin of 18.91% and a return on equity of 24.24%. The business had revenue of $132.70 million during the quarter, compared to analyst estimates of $132.92 million. During the same quarter last year, the business posted $0.86 earnings per share. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, equities analysts predict that Silicon Motion Technology Corporation will post $2.67 earnings per share for the current fiscal year.

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Silicon Motion Technology Corporation declared that its Board of Directors has initiated a share buyback program on Monday, July 31st that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the semiconductor producer to buy up to 13.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

A number of institutional investors and hedge funds have recently modified their holdings of SIMO. US Bancorp DE boosted its holdings in Silicon Motion Technology Corporation by 71.5% during the first quarter. US Bancorp DE now owns 2,194 shares of the semiconductor producer’s stock worth $102,000 after buying an additional 915 shares during the last quarter. Seven Eight Capital LP bought a new position in Silicon Motion Technology Corporation during the second quarter worth about $135,000. Summit Securities Group LLC bought a new position in Silicon Motion Technology Corporation during the second quarter worth about $204,000. Hikari Power Ltd bought a new position in Silicon Motion Technology Corporation during the second quarter worth about $204,000. Finally, Airain ltd bought a new position in Silicon Motion Technology Corporation during the second quarter worth about $213,000. Hedge funds and other institutional investors own 81.15% 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.

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

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