Silicon Motion Technology (NASDAQ:SIMO) Sets New 1-Year High on Analyst Upgrade

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) reached a new 52-week high on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $243.89 and last traded at $227.16, with a volume of 1250049 shares. The stock had previously closed at $234.52.

A number of other research firms have also recently weighed in on SIMO. Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a report on Sunday. Roth Mkm restated a “buy” rating and set a $250.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. JPMorgan Chase & Co. raised their target price on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Susquehanna upped their price target on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a research report on Thursday, April 30th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $205.63.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SIMO. Reinhart Partners LLC. grew its position in Silicon Motion Technology by 4.8% in the 4th quarter. Reinhart Partners LLC. now owns 1,573,355 shares of the semiconductor producer’s stock valued at $145,851,000 after buying an additional 72,421 shares during the last quarter. Pertento Partners LLP grew its position in Silicon Motion Technology by 2.5% in the 3rd quarter. Pertento Partners LLP now owns 1,290,409 shares of the semiconductor producer’s stock valued at $122,344,000 after buying an additional 31,405 shares during the last quarter. Hawk Ridge Capital Management LP grew its position in Silicon Motion Technology by 111.3% in the 4th quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock valued at $73,024,000 after buying an additional 415,000 shares during the last quarter. Lazard Asset Management LLC grew its position in Silicon Motion Technology by 2.3% in the 3rd quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock valued at $74,299,000 after buying an additional 17,741 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in Silicon Motion Technology by 40.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer’s stock valued at $57,840,000 after buying an additional 181,206 shares during the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Stock Performance

The business’s 50-day moving average is $134.91 and its two-hundred day moving average is $114.27. The stock has a market capitalization of $8.32 billion, a PE ratio of 48.70, a price-to-earnings-growth ratio of 0.79 and a beta of 1.67.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data 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 net margin of 16.02% and a return on equity of 20.24%. The firm had revenue of $342.11 million for the quarter, compared to analyst estimates of $299.53 million. During the same period last year, the firm posted $0.60 EPS. Silicon Motion Technology’s quarterly revenue was up 105.5% on a year-over-year basis. Equities analysts forecast that Silicon Motion Technology Corporation will post 7.21 EPS for the current year.

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.