Silicon Motion Technology (NASDAQ:SIMO) Hits New 12-Month High – What’s Next?

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares reached a new 52-week high during trading on Friday . The company traded as high as $275.00 and last traded at $275.50, with a volume of 178575 shares. The stock had previously closed at $263.51.

Analyst Ratings Changes

Several brokerages have recently issued reports on SIMO. 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. Wedbush upped their price objective on Silicon Motion Technology from $180.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, April 30th. JPMorgan Chase & Co. upped their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Needham & Company LLC upped their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Finally, Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $205.63.

Silicon Motion Technology Stock Up 5.1%

The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of 54.88, a price-to-earnings-growth ratio of 0.80 and a beta of 1.67. The company has a 50 day moving average of $163.48 and a 200 day moving average of $126.61.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.31 by $0.27. The firm had revenue of $342.11 million during 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%.The business’s quarterly revenue was up 105.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 earnings per share. On average, research analysts forecast that Silicon Motion Technology Corporation will post 7.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors have recently added to or reduced their stakes in SIMO. Brown Brothers Harriman & Co. acquired a new position in Silicon Motion Technology in the third quarter valued at $26,000. WealthCollab LLC increased its stake in Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after purchasing an additional 151 shares during the last quarter. Arax Advisory Partners increased its stake in Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after purchasing an additional 307 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Silicon Motion Technology by 169.4% during the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after acquiring an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC acquired a new stake in Silicon Motion Technology during the fourth quarter worth about $71,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.