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

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares hit a new 52-week high on Thursday . The company traded as high as $316.28 and last traded at $307.12, with a volume of 1088575 shares changing hands. The stock had previously closed at $282.68.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Wedbush boosted their price objective on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, April 30th. B. Riley Financial reissued a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Finally, Roth Mkm reissued a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $222.14.

Silicon Motion Technology Stock Up 8.6%

The firm has a market capitalization of $10.41 billion, a price-to-earnings ratio of 61.06, a P/E/G ratio of 0.69 and a beta of 1.72. The stock’s fifty day moving average is $224.72 and its two-hundred day moving average is $152.11.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.27. The business had revenue of $342.11 million for the quarter, compared to the consensus estimate of $299.53 million. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The firm’s revenue for the quarter was up 105.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.60 earnings per share. As a group, analysts anticipate that Silicon Motion Technology Corporation will post 7.65 EPS for the current year.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors and hedge funds have recently modified their holdings of SIMO. Brown Brothers Harriman & Co. acquired a new position in shares of Silicon Motion Technology in the third quarter valued at $26,000. WealthCollab LLC grew its position in shares of 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 grew its position in shares of 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 grew its position in shares of Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC acquired a new position in shares of Silicon Motion Technology in the fourth quarter valued at approximately $71,000. 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.