Silicon Motion Technology (NASDAQ:SIMO) Sets New 12-Month High – Still a Buy?

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) hit a new 52-week high during trading on Tuesday . The stock traded as high as $137.94 and last traded at $137.55, with a volume of 1067724 shares. The stock had previously closed at $128.06.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. William Blair started coverage on shares of Silicon Motion Technology in a report on Thursday, January 22nd. They set an “outperform” rating on the stock. Zacks Research lowered Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Roth Mkm set a $140.00 price objective on Silicon Motion Technology and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Susquehanna lifted their target price on Silicon Motion Technology from $95.00 to $120.00 and gave the company a “positive” rating in a research report on Monday, November 3rd. Finally, JPMorgan Chase & Co. boosted their target price on Silicon Motion Technology from $85.00 to $110.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Silicon Motion Technology has a consensus rating of “Moderate Buy” and an average price target of $132.50.

Silicon Motion Technology Price Performance

The firm has a 50-day moving average of $103.81 and a 200 day moving average of $92.81. The stock has a market capitalization of $4.67 billion, a price-to-earnings ratio of 37.79, a PEG ratio of 0.88 and a beta of 1.06.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Boston Partners grew its position in shares of Silicon Motion Technology by 33.2% during the 2nd quarter. Boston Partners now owns 735,597 shares of the semiconductor producer’s stock worth $55,294,000 after purchasing an additional 183,458 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Silicon Motion Technology in the second quarter valued at approximately $1,780,000. Elevation Point Wealth Partners LLC acquired a new stake in Silicon Motion Technology during the second quarter worth approximately $263,000. SG Americas Securities LLC bought a new position in Silicon Motion Technology during the 3rd quarter worth $1,070,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Silicon Motion Technology in the 2nd quarter valued at $288,000. Institutional investors own 78.02% of the company’s stock.

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.