Needham & Company LLC Cuts Silicon Motion Technology (NASDAQ:SIMO) Price Target to $55.00

Silicon Motion Technology (NASDAQ:SIMO) had its price objective cut by Needham & Company LLC from $62.00 to $55.00 in a research report released on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the semiconductor producer’s stock.

Several other equities research analysts have also recently commented on the stock. B. Riley lifted their price target on shares of Silicon Motion Technology from $55.00 to $58.00 and gave the stock a buy rating in a research report on Thursday, April 30th. Zacks Investment Research lowered shares of Silicon Motion Technology from a hold rating to a sell rating and set a $47.00 price target on the stock. in a research note on Tuesday, July 21st. Susquehanna Bancshares reaffirmed a hold rating and issued a $51.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. ValuEngine downgraded shares of Silicon Motion Technology from a hold rating to a sell rating in a report on Friday, July 17th. Finally, Cowen upped their price objective on shares of Silicon Motion Technology from $54.00 to $60.00 and gave the company an outperform rating in a report on Monday, June 22nd. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $52.25.

SIMO stock traded up $0.70 on Thursday, hitting $41.37. 568,491 shares of the company’s stock traded hands, compared to its average volume of 376,111. Silicon Motion Technology has a 1-year low of $26.72 and a 1-year high of $53.04. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 17.31, a P/E/G ratio of 2.07 and a beta of 1.25. The stock has a fifty day moving average of $44.50 and a 200-day moving average of $43.50.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.08. Silicon Motion Technology had a net margin of 15.71% and a return on equity of 15.19%. The firm had revenue of $136.80 million for the quarter, compared to analyst estimates of $134.17 million. During the same quarter in the prior year, the business earned $0.52 EPS. The company’s revenue for the quarter was up 38.5% compared to the same quarter last year. On average, equities analysts expect that Silicon Motion Technology will post 2.81 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.38%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 76.37%.

Several institutional investors and hedge funds have recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC lifted its position in Silicon Motion Technology by 32.8% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 1,351 shares of the semiconductor producer’s stock worth $50,000 after buying an additional 334 shares during the last quarter. Private Capital Group LLC lifted its position in Silicon Motion Technology by 19.6% in the 1st quarter. Private Capital Group LLC now owns 2,370 shares of the semiconductor producer’s stock worth $87,000 after buying an additional 389 shares during the last quarter. Quantum Capital Management purchased a new position in Silicon Motion Technology in the 1st quarter worth approximately $100,000. Ladenburg Thalmann Financial Services Inc. increased its stake in Silicon Motion Technology by 14.2% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,329 shares of the semiconductor producer’s stock worth $118,000 after purchasing an additional 290 shares during the period. Finally, Deutsche Bank AG increased its stake in Silicon Motion Technology by 50,614.3% in the 1st quarter. Deutsche Bank AG now owns 3,550 shares of the semiconductor producer’s stock worth $130,000 after purchasing an additional 3,543 shares during the period. Hedge funds and other institutional investors own 70.17% 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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