StockNews.com upgraded shares of Silicon Motion Technology (NASDAQ:SIMO – Get Rating) from a hold rating to a buy rating in a research note issued to investors on Monday.

Other research analysts have also issued reports about the stock. B. Riley decreased their price objective on shares of Silicon Motion Technology from $114.00 to $107.00 in a report on Monday, August 1st. Wedbush dropped their price target on shares of Silicon Motion Technology from $115.00 to $110.00 in a research report on Thursday, July 28th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $106.17.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $73.41 on Monday. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 1.18 and a beta of 0.99. The company's 50 day simple moving average is $80.73 and its 200 day simple moving average is $80.41. Silicon Motion Technology has a 1 year low of $64.41 and a 1 year high of $98.65.

Silicon Motion Technology Announces Dividend

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors have recently added to or reduced their stakes in the business. Standard Family Office LLC bought a new position in shares of Silicon Motion Technology during the 4th quarter valued at about $35,000. Pinebridge Investments L.P. grew its holdings in shares of Silicon Motion Technology by 127.0% in the second quarter. Pinebridge Investments L.P. now owns 454 shares of the semiconductor producer's stock worth $38,000 after acquiring an additional 254 shares during the period. Optimum Investment Advisors bought a new stake in shares of Silicon Motion Technology in the fourth quarter worth $48,000. Covestor Ltd bought a new stake in Silicon Motion Technology during the first quarter valued at about $97,000. Finally, Financial Gravity Asset Management Inc. lifted its position in shares of Silicon Motion Technology by 31.6% in the second quarter. Financial Gravity Asset Management Inc. now owns 1,764 shares of the semiconductor producer's stock valued at $4,207,000 after acquiring an additional 424 shares in the last quarter. 72.12% of the stock is owned by institutional investors and hedge funds.

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 controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs 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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