KeyCorp set a $58.00 price objective on Silicon Motion Technology (NASDAQ:SIMO) in a research report released on Tuesday morning, TipRanks reports. The firm currently has a hold rating on the semiconductor producer’s stock.

Several other analysts also recently weighed in on SIMO. ValuEngine downgraded shares of Silicon Motion Technology from a buy rating to a hold rating in a research report on Wednesday, September 4th. Needham & Company LLC restated a buy rating on shares of Silicon Motion Technology in a report on Friday, August 9th. Roth Capital dropped their target price on shares of Silicon Motion Technology from $50.00 to $45.00 and set a buy rating on the stock in a research report on Thursday, August 1st. JPMorgan Chase & Co. lowered shares of Silicon Motion Technology from an overweight rating to a neutral rating and cut their price target for the stock from $50.00 to $40.00 in a research note on Thursday, August 1st. Finally, Cowen reissued an outperform rating and issued a $42.00 price target (down from $45.00) on shares of Silicon Motion Technology in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $47.40.

Shares of NASDAQ SIMO traded up $0.87 during midday trading on Tuesday, hitting $34.76. 216,034 shares of the company’s stock were exchanged, compared to its average volume of 336,235. The firm’s fifty day simple moving average is $34.09 and its 200-day simple moving average is $39.11. The company has a market cap of $1.21 billion, a PE ratio of 10.19, a P/E/G ratio of 3.76 and a beta of 1.01. Silicon Motion Technology has a twelve month low of $30.86 and a twelve month high of $55.64.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, July 30th. The semiconductor producer reported $0.52 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.52. The firm had revenue of $98.80 million during the quarter, compared to the consensus estimate of $97.33 million. Silicon Motion Technology had a return on equity of 17.76% and a net margin of 17.84%. The firm’s quarterly revenue was down 28.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 earnings per share. On average, analysts anticipate that Silicon Motion Technology will post 1.79 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Quantamental Technologies LLC acquired a new stake in shares of Silicon Motion Technology in the first quarter valued at approximately $28,000. CWM LLC raised its position in Silicon Motion Technology by 3,624.1% in the 2nd quarter. CWM LLC now owns 1,080 shares of the semiconductor producer’s stock valued at $48,000 after purchasing an additional 1,051 shares during the last quarter. Penserra Capital Management LLC raised its position in Silicon Motion Technology by 50.0% in the 1st quarter. Penserra Capital Management LLC now owns 1,320 shares of the semiconductor producer’s stock valued at $52,000 after purchasing an additional 440 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its stake in Silicon Motion Technology by 60.3% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,480 shares of the semiconductor producer’s stock worth $66,000 after purchasing an additional 557 shares during the period. Finally, NumerixS Investment Technologies Inc acquired a new stake in Silicon Motion Technology during the 1st quarter worth $86,000. Institutional investors own 71.10% 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.

Read More: Trading Strategy Methods for Individual Investors

Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

Receive News & Ratings for Silicon Motion Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Silicon Motion Technology and related companies with MarketBeat.com's FREE daily email newsletter.