Silicon Motion Technology (NASDAQ:SIMO) Reaches New 52-Week High – Here’s What Happened

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $133.34 and last traded at $130.0430, with a volume of 296353 shares traded. The stock had previously closed at $120.42.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SIMO shares. Roth Mkm restated a “buy” rating and set a $120.00 target price on shares of Silicon Motion Technology in a research report on Friday, October 31st. William Blair assumed coverage on shares of Silicon Motion Technology in a research report on Thursday, January 22nd. They set an “outperform” rating on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 target price on shares of Silicon Motion Technology in a report on Monday, November 3rd. B. Riley lifted their price target on shares of Silicon Motion Technology from $125.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Finally, JPMorgan Chase & Co. upped their price target on Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Eleven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Moderate Buy” and a consensus price target of $113.13.

Silicon Motion Technology Stock Up 4.1%

The firm’s fifty day simple moving average is $100.47 and its 200-day simple moving average is $91.21. The company has a market cap of $4.26 billion, a PE ratio of 43.07, a P/E/G ratio of 1.32 and a beta of 1.06.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, February 3rd. The semiconductor producer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.05). The company had revenue of $278.46 million during the quarter, compared to analysts’ expectations of $260.64 million. Silicon Motion Technology had a net margin of 12.27% and a return on equity of 12.37%. Silicon Motion Technology’s quarterly revenue was up 45.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 EPS. On average, analysts predict that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SIMO. Frontier Capital Management Co. LLC boosted its stake in shares of Silicon Motion Technology by 115.4% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,281,115 shares of the semiconductor producer’s stock worth $96,301,000 after purchasing an additional 686,261 shares during the last quarter. Ophir Asset Management Pty Ltd acquired a new stake in Silicon Motion Technology during the second quarter worth approximately $27,941,000. Boston Partners grew its stake in Silicon Motion Technology by 33.2% in the 2nd quarter. Boston Partners now owns 735,597 shares of the semiconductor producer’s stock worth $55,294,000 after acquiring an additional 183,458 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in Silicon Motion Technology by 40.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer’s stock valued at $57,840,000 after acquiring an additional 181,206 shares during the last quarter. Finally, Hawk Ridge Capital Management LP lifted its stake in shares of Silicon Motion Technology by 71.8% during the 3rd quarter. Hawk Ridge Capital Management LP now owns 372,747 shares of the semiconductor producer’s stock worth $35,340,000 after purchasing an additional 155,817 shares during the period. Institutional investors and hedge funds own 78.02% of the company’s stock.

About Silicon Motion Technology

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.