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

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $266.69 and last traded at $260.7990, with a volume of 146409 shares. The stock had previously closed at $253.59.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SIMO shares. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. Wedbush lifted their price target on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, April 30th. Susquehanna lifted their price target on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a research note on Thursday, April 30th. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $205.63.

Silicon Motion Technology Stock Performance

The firm has a market capitalization of $8.77 billion, a P/E ratio of 51.43, a P/E/G ratio of 0.81 and a beta of 1.67. The stock has a fifty day moving average price of $144.47 and a two-hundred day moving average price of $118.78.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The business had revenue of $342.11 million during the quarter, compared to the consensus estimate of $299.53 million. During the same period in the previous year, the business earned $0.60 EPS. The business’s quarterly revenue was up 105.5% on a year-over-year basis. As a group, research analysts anticipate that Silicon Motion Technology Corporation will post 7.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors have recently made changes to their positions in the company. Brown Brothers Harriman & Co. bought a new stake in shares of Silicon Motion Technology in the 3rd quarter valued at approximately $26,000. WealthCollab LLC grew its stake in Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after buying an additional 151 shares during the last quarter. Arax Advisory Partners grew its stake in Silicon Motion Technology by 220.9% during the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after buying an additional 307 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after buying an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC bought a new position in Silicon Motion Technology during the 4th quarter worth $71,000. 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.