Silicon Motion Technology (NASDAQ:SIMO) Sets New 52-Week High – Here’s Why

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $294.99 and last traded at $278.9370, with a volume of 33737 shares traded. The stock had previously closed at $284.98.

Analyst Ratings Changes

SIMO has been the topic of several recent research reports. Needham & Company LLC lifted their price target on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Weiss Ratings downgraded shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Susquehanna raised their price objective on Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a report on Thursday, April 30th. Craig Hallum reaffirmed a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Finally, JPMorgan Chase & Co. upped their target price on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $205.63.

Silicon Motion Technology Stock Down 1.5%

The firm has a market capitalization of $9.52 billion, a price-to-earnings ratio of 55.73, a P/E/G ratio of 0.90 and a beta of 1.67. The stock’s fifty day moving average is $176.17 and its two-hundred day moving average is $131.84.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The firm had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. During the same quarter last year, the company posted $0.60 earnings per share. The company’s revenue for the quarter was up 105.5% compared to the same quarter last year. As a group, analysts anticipate that Silicon Motion Technology Corporation will post 7.77 EPS for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

Hedge funds have recently bought and sold shares of the company. Brown Brothers Harriman & Co. bought a new position in Silicon Motion Technology during the third quarter worth about $26,000. WealthCollab LLC raised its stake in Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after buying an additional 151 shares during the period. Arax Advisory Partners lifted its position in shares of Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after buying an additional 307 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC bought a new position in shares of Silicon Motion Technology during the 4th quarter worth approximately $71,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company 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.