Silicon Motion Technology (NASDAQ:SIMO) was upgraded by stock analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Thursday, The Fly reports. The firm currently has a $78.00 target price on the semiconductor producer’s stock, up from their previous target price of $68.00. Morgan Stanley’s target price points to a potential upside of 2.73% from the stock’s current price.
Several other equities analysts have also issued reports on the company. Craig Hallum lifted their price target on Silicon Motion Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, August 2nd. Cowen boosted their price target on Silicon Motion Technology from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Monday, August 2nd. Needham & Company LLC lifted their price objective on Silicon Motion Technology from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, August 2nd. Finally, B. Riley boosted their price target on Silicon Motion Technology from $94.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, August 2nd. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Silicon Motion Technology has an average rating of “Buy” and a consensus price target of $88.63.
Shares of Silicon Motion Technology stock opened at $75.93 on Thursday. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 24.18, a P/E/G ratio of 2.04 and a beta of 1.12. The firm’s fifty day moving average price is $65.60. Silicon Motion Technology has a 12 month low of $35.13 and a 12 month high of $81.87.
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Several hedge funds have recently bought and sold shares of the stock. Quantbot Technologies LP purchased a new position in Silicon Motion Technology in the first quarter valued at about $27,000. Employees Retirement System of Texas purchased a new position in shares of Silicon Motion Technology during the 2nd quarter worth $67,000. Cullen Frost Bankers Inc. acquired a new position in Silicon Motion Technology during the 2nd quarter worth about $71,000. International Assets Investment Management LLC raised its position in shares of Silicon Motion Technology by 100.0% during the 1st quarter. International Assets Investment Management LLC now owns 1,400 shares of the semiconductor producer’s stock worth $76,000 after acquiring an additional 700 shares in the last quarter. Finally, Heritage Wealth Management LLC boosted its stake in shares of Silicon Motion Technology by 57.7% in the second quarter. Heritage Wealth Management LLC now owns 1,424 shares of the semiconductor producer’s stock valued at $91,000 after buying an additional 521 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.
About Silicon Motion Technology
Silicon Motion Technology Corp. engages in the development, manufacture and supply of semiconductor products for the electronics market. The firm products include Flash Controllers, Storage Solutions, and others. It offers embedded and expandable storage, radio frequency integrated circuits and embedded graphics.
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