Silicon Motion Technology (NASDAQ:SIMO) Hits New 52-Week High on Analyst Upgrade

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) reached a new 52-week high during mid-day trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $243.89 and last traded at $227.16, with a volume of 1250049 shares. The stock had previously closed at $234.52.

A number of other research analysts also recently issued reports on SIMO. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a report on Sunday. Wedbush boosted their target price on Silicon Motion Technology from $180.00 to $230.00 and gave the company an “outperform” rating in a research note on Thursday, April 30th. Roth Mkm reaffirmed a “buy” rating and set a $250.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. JPMorgan Chase & Co. raised their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Finally, William Blair assumed coverage on shares of Silicon Motion Technology in a report on Thursday, January 22nd. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $205.63.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wolf Hill Capital Management LP acquired a new stake in shares of Silicon Motion Technology in the 4th quarter valued at approximately $53,893,000. Hawk Ridge Capital Management LP lifted its stake in Silicon Motion Technology by 111.3% in the fourth quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock valued at $73,024,000 after acquiring an additional 415,000 shares during the last quarter. Man Group plc lifted its stake in Silicon Motion Technology by 820.7% in the fourth quarter. Man Group plc now owns 381,048 shares of the semiconductor producer’s stock valued at $35,323,000 after acquiring an additional 339,663 shares during the last quarter. AIGH Capital Management LLC bought a new position in shares of Silicon Motion Technology in the 1st quarter valued at about $22,458,000. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of Silicon Motion Technology by 40.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer’s stock worth $57,840,000 after purchasing an additional 181,206 shares during the last quarter. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Trading Up 2.7%

The firm’s 50 day moving average price is $134.91 and its two-hundred day moving average price is $114.27. The company has a market capitalization of $8.32 billion, a price-to-earnings ratio of 48.70, a price-to-earnings-growth ratio of 0.79 and a beta of 1.67.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.27. The business had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.Silicon Motion Technology’s quarterly revenue was up 105.5% on a year-over-year basis. During the same quarter last year, the company posted $0.60 earnings per share. As a group, equities research analysts predict that Silicon Motion Technology Corporation will post 7.21 EPS for the current year.

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.