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Silicon Motion Technology Corporation (SIMO), together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid state storage devices worldwide.
It offers NAND flash controllers for managing NAND flash used in embedded storage, such as embedded multimediacard (eMMC) devices and solid-state drive (SSDs); and expandable storage, which includes flash memory cards and USB flash drives.
The company also provides customized enterprise-grade SSD solutions for hyperscalers' data centers; and customized SSD solutions for industrial, commercial, and automotive applications. In addition, it offers specialty radio frequency integrated circuits (RF ICs), such as mobile TV system-on-chips (SoCs) and low power WiFi SoCs.
The company's products are used in computing and mobile devices, as well as for industrial, enterprise, commercial, and other applications. It offers its controllers under the SMI brand; data center-grade SSDs under the Shannon brand; single-chip industrial-grade SSDs under the Ferri SSD and Ferri-eMMC brands; RF ICs under the FCI brand; and software-defined storage products under the Bigtera brand.
The company markets and sells its products through direct sales personnel and independent electronics distributors to flash manufacturers, original equipment manufacturers, and module makers.
Silicon Motion Technology reported 1st Quarter March 2020 earnings of $0.74 per share on revenue of $132.8 million. The consensus earnings estimate was $0.60 per share on revenue of $134.2 million. Revenue grew 40.2% on a year-over-year basis.
The company said it expects second quarter revenue of $133.0 million to $143.0 million. The current consensus revenue estimate is $132.4 million for the quarter ending June 30, 2020.
This stock should see an increase in shares price as earnings growth appears steady and sales continue to grow. SIMO should be a strong pick for growth investors.
Entry point: $43.50
52-week trade range: $26.72 - $53.04
Stop/Loss: $41.30
Target Price: $47.85
SIMO closed at $47.90
