Silicon Motion Technology (NASDAQ:SIMO) Trading Up 6.1% – What’s Next?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s stock price rose 6.1% during mid-day trading on Tuesday . The company traded as high as $252.05 and last traded at $254.4380. Approximately 523,002 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 791,731 shares. The stock had previously closed at $239.76.

Analysts Set New Price Targets

Several analysts have commented on the company. 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. Wall Street Zen upgraded shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. 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 report on Thursday, February 5th. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Finally, Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. One investment 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 company has an average rating of “Buy” and a consensus price target of $205.63.

Silicon Motion Technology Trading Up 2.1%

The stock has a 50-day simple moving average of $163.48 and a 200-day simple moving average of $126.61. The company has a market capitalization of $8.94 billion, a price-to-earnings ratio of 52.39, a price-to-earnings-growth ratio of 0.78 and a beta of 1.67.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results 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 company had revenue of $342.11 million for the quarter, compared to analyst estimates 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 period in the prior year, the company posted $0.60 EPS. On average, research analysts forecast that Silicon Motion Technology Corporation will post 7.77 EPS for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

A number of institutional investors have recently modified their holdings of SIMO. Reinhart Partners LLC. raised its position in shares of Silicon Motion Technology by 4.8% during the 4th quarter. Reinhart Partners LLC. now owns 1,573,355 shares of the semiconductor producer’s stock valued at $145,851,000 after acquiring an additional 72,421 shares in the last quarter. Pertento Partners LLP increased its position in Silicon Motion Technology by 2.5% in the third quarter. Pertento Partners LLP now owns 1,290,409 shares of the semiconductor producer’s stock worth $122,344,000 after buying an additional 31,405 shares during the period. Hawk Ridge Capital Management LP increased its position in Silicon Motion Technology by 48.9% in the first quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer’s stock worth $131,752,000 after buying an additional 385,568 shares during the period. Lazard Asset Management LLC increased its position in Silicon Motion Technology by 2.3% in the third quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock worth $74,299,000 after buying an additional 17,741 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of 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 valued at $57,840,000 after purchasing an additional 181,206 shares during the period. 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.