Silicon Motion Technology (NASDAQ:SIMO – Get Rating) was downgraded by equities research analysts at StockNews.com from a "buy" rating to a "hold" rating in a report released on Tuesday.
Several other equities analysts also recently commented on the stock. B. Riley dropped their price objective on shares of Silicon Motion Technology from $114.00 to $107.00 in a research note on Monday, August 1st. Wedbush decreased their price target on shares of Silicon Motion Technology from $115.00 to $110.00 in a research report on Thursday, July 28th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $106.17.
Get Silicon Motion Technology alerts:Silicon Motion Technology Price Performance
Shares of NASDAQ:SIMO opened at $70.50 on Tuesday. The company has a market cap of $2.33 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 1.12 and a beta of 0.99. The firm has a 50 day simple moving average of $79.65 and a 200 day simple moving average of $80.39. Silicon Motion Technology has a one year low of $64.41 and a one year high of $98.65.
Institutional Investors Weigh In On Silicon Motion Technology
Several large investors have recently modified their holdings of SIMO. Standard Family Office LLC acquired a new stake in shares of Silicon Motion Technology during the fourth quarter worth $35,000. Pinebridge Investments L.P. grew its holdings in 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 purchasing an additional 254 shares during the period. Optimum Investment Advisors acquired a new stake in Silicon Motion Technology in the fourth quarter worth $48,000. Covestor Ltd acquired a new stake in Silicon Motion Technology in the first quarter worth $97,000. Finally, Alta Advisers Ltd grew its holdings in Silicon Motion Technology by 11.6% in the second quarter. Alta Advisers Ltd now owns 2,009 shares of the semiconductor producer's stock worth $168,000 after purchasing an additional 209 shares during the period. 72.12% of the stock is currently owned by institutional investors and hedge funds.Silicon Motion Technology Company Profile
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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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