Silicon Motion Technology (NASDAQ:SIMO) Sets New 12-Month High – Time to Buy?

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares reached a new 52-week high on Thursday . The stock traded as high as $316.28 and last traded at $307.12, with a volume of 1088575 shares trading hands. The stock had previously closed at $282.68.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Weiss Ratings cut shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Wedbush raised their price objective on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, April 30th. Wall Street Zen upgraded shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Roth Mkm restated a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. Finally, B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Buy” and a consensus price target of $222.14.

Silicon Motion Technology Stock Performance

The firm’s 50-day moving average price is $224.72 and its 200 day moving average price is $152.11. The company has a market cap of $10.41 billion, a price-to-earnings ratio of 61.06, a PEG ratio of 0.69 and a beta of 1.72.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. The firm had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The business’s revenue for the quarter was up 105.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.60 earnings per share. As a group, equities research analysts predict that Silicon Motion Technology Corporation will post 7.65 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Apis Capital Advisors LLC grew its holdings in Silicon Motion Technology by 11.7% during the third quarter. Apis Capital Advisors LLC now owns 286,000 shares of the semiconductor producer’s stock valued at $27,116,000 after purchasing an additional 30,000 shares during the period. SG Americas Securities LLC lifted its stake in Silicon Motion Technology by 44.3% in the fourth quarter. SG Americas Securities LLC now owns 16,290 shares of the semiconductor producer’s stock valued at $1,510,000 after buying an additional 5,002 shares in the last quarter. UBS Group AG lifted its stake in Silicon Motion Technology by 39.0% in the fourth quarter. UBS Group AG now owns 351,541 shares of the semiconductor producer’s stock valued at $32,588,000 after buying an additional 98,548 shares in the last quarter. Neumeier Poma Investment Counsel LLC lifted its stake in Silicon Motion Technology by 10.7% in the third quarter. Neumeier Poma Investment Counsel LLC now owns 478,463 shares of the semiconductor producer’s stock valued at $45,363,000 after buying an additional 46,208 shares in the last quarter. Finally, Granahan Investment Management LLC lifted its stake in Silicon Motion Technology by 59.7% in the third quarter. Granahan Investment Management LLC now owns 207,758 shares of the semiconductor producer’s stock valued at $19,698,000 after buying an additional 77,667 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

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.