Silicon Motion Technology (NASDAQ:SIMO) Hits New 1-Year High – Here’s Why

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $146.85 and last traded at $145.3340, with a volume of 402235 shares. The stock had previously closed at $135.89.

Analysts Set New Price Targets

Several research analysts have issued reports on SIMO shares. JPMorgan Chase & Co. upped their price target on Silicon Motion Technology from $85.00 to $110.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Wedbush upped their price objective on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. William Blair initiated coverage on Silicon Motion Technology in a research report on Thursday, January 22nd. They set an “outperform” rating for the company. Needham & Company LLC upped their target price on Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Silicon Motion Technology in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $132.50.

Silicon Motion Technology Stock Performance

The stock’s 50-day simple moving average is $116.40 and its two-hundred day simple moving average is $98.32. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 35.50, a price-to-earnings-growth ratio of 0.87 and a beta of 1.06.

Institutional Trading of Silicon Motion Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Boston Partners raised its holdings in shares of 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 buying an additional 183,458 shares in the last quarter. XTX Topco Ltd acquired a new stake in Silicon Motion Technology in the 2nd quarter valued at $1,780,000. Elevation Point Wealth Partners LLC acquired a new stake in Silicon Motion Technology in the 2nd quarter valued at $263,000. SG Americas Securities LLC bought a new stake in Silicon Motion Technology in the third quarter valued at $1,070,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Silicon Motion Technology during the second quarter worth $288,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.