Silicon Motion Technology (NASDAQ:SIMO) Upgraded to Overweight by Morgan Stanley

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Morgan Stanley upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from an equal weight rating to an overweight rating in a report released on Friday, September 21st, MarketBeat Ratings reports. The brokerage currently has $59.00 price target on the semiconductor producer’s stock.

Other analysts have also issued reports about the stock. Zacks Investment Research raised shares of Silicon Motion Technology from a sell rating to a hold rating in a research report on Friday, June 1st. Benchmark started coverage on shares of Silicon Motion Technology in a research report on Friday, June 22nd. They issued a buy rating and a $62.00 price target for the company. KeyCorp increased their price target on shares of Silicon Motion Technology from $54.00 to $60.00 and gave the stock an overweight rating in a research report on Thursday, July 5th. Cowen raised shares of Silicon Motion Technology from a market perform rating to an outperform rating and set a $53.00 price target for the company in a research report on Wednesday, August 15th. Finally, ValuEngine raised shares of Silicon Motion Technology from a hold rating to a buy rating in a research report on Monday, July 2nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. Silicon Motion Technology presently has a consensus rating of Buy and a consensus price target of $58.40.

SIMO stock traded down $1.79 during mid-day trading on Friday, reaching $45.27. 776,779 shares of the stock traded hands, compared to its average volume of 398,058. Silicon Motion Technology has a 52-week low of $42.57 and a 52-week high of $61.85. The firm has a market capitalization of $1.94 billion, a PE ratio of 21.66 and a beta of 0.42.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Tuesday, July 31st. The semiconductor producer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.24. Silicon Motion Technology had a net margin of 15.28% and a return on equity of 15.97%. The company had revenue of $138.10 million during the quarter, compared to analyst estimates of $137.80 million. During the same period in the prior year, the firm earned $0.71 earnings per share. The business’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, analysts forecast that Silicon Motion Technology will post 3.05 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA increased its holdings in Silicon Motion Technology by 2.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,425,205 shares of the semiconductor producer’s stock worth $128,270,000 after buying an additional 52,206 shares during the last quarter. Cardinal Capital Management LLC CT increased its holdings in Silicon Motion Technology by 16.7% in the first quarter. Cardinal Capital Management LLC CT now owns 1,468,462 shares of the semiconductor producer’s stock worth $70,662,000 after buying an additional 209,757 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Silicon Motion Technology by 3.2% in the second quarter. Janus Henderson Group PLC now owns 718,473 shares of the semiconductor producer’s stock worth $38,011,000 after buying an additional 22,141 shares during the last quarter. Millennium Management LLC increased its holdings in Silicon Motion Technology by 19.1% in the first quarter. Millennium Management LLC now owns 708,609 shares of the semiconductor producer’s stock worth $34,098,000 after buying an additional 113,842 shares during the last quarter. Finally, Neumeier Poma Investment Counsel LLC increased its holdings in Silicon Motion Technology by 1.0% in the first quarter. Neumeier Poma Investment Counsel LLC now owns 484,420 shares of the semiconductor producer’s stock worth $23,310,000 after buying an additional 4,750 shares during the last quarter. Hedge funds and other institutional investors own 75.08% of the company’s stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.

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Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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