Silicon Motion Technology (NASDAQ:SIMO) has been upgraded to Buy by StockNews.com

Silicon Motion Technology (NASDAQ:SIMO – Get Rating) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

SIMO is the subject of several other research reports. Needham & Company LLC downgraded Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Thursday, May 5th. Roth Capital downgraded Silicon Motion Technology from a “buy” rating to a “neutral” rating in a research note on Thursday, May 5th. Susquehanna downgraded Silicon Motion Technology from a “positive” rating to a “neutral” rating in a research note on Thursday, May 5th. B. Riley downgraded Silicon Motion Technology from a “buy” rating to a “neutral” rating in a research note on Friday, May 6th. Finally, Susquehanna Bancshares downgraded Silicon Motion Technology from a “positive” rating to a “neutral” rating in a research note on Thursday, May 5th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $103.43, according to MarketBeat.

NASDAQ:SIMO traded up $0.33 during trading on Friday, reaching $82.45. The company’s stock had a trading volume of 151,272 shares, compared to its average volume of 666,307. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 13.03, a price-to-earnings-growth ratio of 1.24, and beta 1.00. Silicon Motion Technology has a 12-month low of $58.86 and a 12-month high of $98.65. The firm has a 50-day moving average of $87.59 and a 200-day moving average of $81.81.

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Silicon Motion Technology (NASDAQ:SIMO – Get Rating ) last posted its quarterly earnings results on Thursday, May 5th. The semiconductor maker reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.19. The company had revenue of $242.00 million during the quarter, compared to the consensus estimate of $239.46 million. Silicon Motion Technology had a return on equity of 33.47% and a net margin of 22.42%. The company’s quarterly revenue was up 32.7% compared to the same quarter last year. In the same quarter last year, the company earned $0.98 EPS. equities analysts predict that Silicon Motion Technology will post 7.22 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC boosted its stake in Silicon Motion Technology by 4.8% in the first quarter. Acadian Asset Management LLC now owns 1,496,316 shares of the semiconductor manufacturer’s stock valued at $99,946,000 after purchasing an additional 67,956 shares during the period. Baillie Gifford & Co. raised its stake in Silicon Motion Technology by 8.1% in the first quarter. Baillie Gifford & Co. now owns 788,897 shares of the semiconductor maker’s stock valued at $52,713,000 after purchasing an additional 58,907 shares during the period. Bank of America Corp DE boosted its position in shares of Silicon Motion Technology by 2.3% in the 4th quarter. Bank of America Corp DE now owns 740,077 shares of the semiconductor maker’s stock valued at $70,329,000 after purchasing an additional 16,375 shares in the last quarter. State Street Corp boosted its position in shares of Silicon Motion Technology by 2.0% during the first quarter. State Street Corp now owns 643,896 shares of the semiconductor maker’s stock valued at $42,957,000 after buying an additional 12,508 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Silicon Motion Technology by 16.5% during the first quarter. Massachusetts Financial Services Co. MA now owns 608,035 shares of the semiconductor manufacturer’s stock valued at $40,629,000 after purchasing an additional 86,241 shares in the last quarter. 76.60% of the shares are currently owned by institutional investors.

Silicon Motion Technology company profile (Get Rating)

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops and markets NAND flash controllers for solid-state storage devices. It offers PC-grade solid state disk (SSD) controllers that are used in PCs and other client devices; enterprise-grade solid state drives 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.

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Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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