According to Zacks, “Silicon Motion has a decent earnings surprise history, with three strong earnings beats over the four trailing quarters. The company raised its revenue guidance for the full year, driven by surging demand for SSD controllers. Going forward, Silicon Motion believes strong momentum of its embedded storage products markets will continue to prosper, fuelled by present industry trends. This apart, the previously completed Shannon acquisition is boosting enterprise and industrial SSD solutions sales – especially in Chinese markets – thereby, positioning it well for long-term growth. Strategic product launches and strong commitment toward R&D activities is also expected to contribute to the company’s strength. However, escalating operating expenses, intensifying competition in USB flash drive controller markets and overall sluggishness in global wireless & broader semiconductor markets remain as concerns for Silicon Motion.”
SIMO has been the topic of several other reports. Susquehanna reaffirmed a positive rating and set a $56.00 target price (up from $48.00) on shares of Silicon Motion Technology Corp. in a research report on Wednesday, July 6th. Brean Capital reaffirmed a buy rating on shares of Silicon Motion Technology Corp. in a research report on Monday, July 18th. Needham & Company LLC reaffirmed a buy rating and set a $60.00 target price on shares of Silicon Motion Technology Corp. in a research report on Wednesday, September 7th. Nomura reissued a buy rating and issued a $62.00 price objective (up from $46.00) on shares of Silicon Motion Technology Corp. in a report on Tuesday, July 12th. Finally, B. Riley reissued a buy rating and issued a $66.50 price objective on shares of Silicon Motion Technology Corp. in a report on Monday, July 25th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $50.96.
Shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) opened at 50.26 on Tuesday. The stock has a market capitalization of $1.77 billion, a PE ratio of 22.39 and a beta of 1.11. Silicon Motion Technology Corp. has a 52-week low of $26.11 and a 52-week high of $56.25. The company’s 50 day moving average price is $52.32 and its 200 day moving average price is $45.55.
Silicon Motion Technology Corp. (NASDAQ:SIMO) last announced its earnings results on Thursday, July 21st. The company reported $0.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.10. Silicon Motion Technology Corp. had a return on equity of 22.62% and a net margin of 18.29%. On average, equities research analysts anticipate that Silicon Motion Technology Corp. will post $3.26 EPS for the current year.
Institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. acquired a new position in shares of Silicon Motion Technology Corp. during the second quarter worth about $164,000. Advisor Group Inc. purchased a new position in Silicon Motion Technology Corp. during the second quarter valued at $168,000. Sei Investments Co. increased its position in Silicon Motion Technology Corp. by 98.6% in the second quarter. Sei Investments Co. now owns 4,410 shares of the company’s stock valued at $211,000 after buying an additional 2,189 shares during the period. Royal Bank of Canada increased its position in Silicon Motion Technology Corp. by 116.3% in the first quarter. Royal Bank of Canada now owns 4,521 shares of the company’s stock valued at $176,000 after buying an additional 2,431 shares during the period. Finally, Legal & General Group Plc purchased a new position in Silicon Motion Technology Corp. during the second quarter valued at $249,000. Institutional investors own 68.14% of the company’s stock.
Silicon Motion Technology Corp. Company Profile
Silicon Motion Technology Corporation (SMTC) 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. For the mobile storage market, the Company’s products are microcontrollers used in solid state storage devices, such as Solid State Drives (SSDs), Embedded Multimedia Cards (eMMCs) and other embedded flash applications, as well as removable storage products.
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