Silicon Motion Technology (NASDAQ:SIMO) Hits New 12-Month High – Here’s Why

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $147.60 and last traded at $143.4150, with a volume of 129044 shares changing hands. The stock had previously closed at $141.95.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SIMO shares. William Blair started coverage on Silicon Motion Technology in a research note on Thursday, January 22nd. They set an “outperform” rating for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Silicon Motion Technology in a research note on Friday, March 27th. Wedbush increased their target price on Silicon Motion Technology from $130.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Zacks Research cut Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Finally, Needham & Company LLC raised their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $132.50.

Silicon Motion Technology Stock Up 0.8%

The company has a 50 day moving average of $126.24 and a 200-day moving average of $108.71. The stock has a market capitalization of $4.86 billion, a P/E ratio of 39.31, a PEG ratio of 0.96 and a beta of 1.09.

Hedge Funds Weigh In On Silicon Motion Technology

Several large investors have recently added to or reduced their stakes in SIMO. Wolf Hill Capital Management LP bought a new position in Silicon Motion Technology during the fourth quarter worth $53,893,000. Hawk Ridge Capital Management LP increased its position 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 worth $73,024,000 after buying an additional 415,000 shares during the period. Man Group plc increased its position 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 worth $35,323,000 after buying an additional 339,663 shares during the period. Robeco Institutional Asset Management B.V. increased its position in Silicon Motion Technology by 40.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer’s stock worth $57,840,000 after buying an additional 181,206 shares during the period. Finally, Summit Partners Public Asset Management LLC increased its position in Silicon Motion Technology by 33.7% in the fourth quarter. Summit Partners Public Asset Management LLC now owns 534,932 shares of the semiconductor producer’s stock worth $49,588,000 after buying an additional 134,927 shares during the period. 78.02% of the stock is currently owned by institutional investors.

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.