Silicon Motion Technology Corp. (SIMO) Reaches New 1-Year High at $49.05
Silicon Motion Technology Corp. (NASDAQ:SIMO) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $49.05 and last traded at $48.73, with a volume of 305,772 shares traded. The stock had previously closed at $47.74.
Several equities research analysts have issued reports on SIMO shares. Northland Securities increased their price target on Silicon Motion Technology Corp. from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Monday, March 14th. B. Riley reiterated a “buy” rating and set a $47.75 price objective on shares of Silicon Motion Technology Corp. in a report on Thursday, April 28th. Brean Capital reiterated a “buy” rating and set a $45.00 price objective (up from $38.00) on shares of Silicon Motion Technology Corp. in a report on Wednesday, March 23rd. Needham & Company LLC reiterated a “buy” rating on shares of Silicon Motion Technology Corp. in a report on Thursday, April 28th. Finally, Susquehanna increased their price objective on Silicon Motion Technology Corp. from $38.00 to $46.00 and gave the stock a “positive” rating in a report on Wednesday, April 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. Silicon Motion Technology Corp. presently has a consensus rating of “Buy” and an average target price of $42.44.
The stock’s 50 day moving average price is $45.07 and its 200-day moving average price is $37.29. The firm has a market capitalization of $1.76 billion and a P/E ratio of 26.22.
Silicon Motion Technology Corp. (NASDAQ:SIMO) last posted its quarterly earnings results on Wednesday, April 27th. The company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.03. The firm had revenue of $112.68 million for the quarter, compared to analyst estimates of $106.23 million. During the same period last year, the company posted $0.48 earnings per share. The firm’s quarterly revenue was up 39.7% compared to the same quarter last year. Equities analysts anticipate that Silicon Motion Technology Corp. will post $2.74 EPS for the current year.
Other hedge funds and institutional investors have recently bought and sold shares of the company. Garelick Capital Partners LP purchased a new position in Silicon Motion Technology Corp. during the fourth quarter worth $7,955,000. Royce & Associates LLC increased its position in Silicon Motion Technology Corp. by 89.1% in the fourth quarter. Royce & Associates LLC now owns 204,400 shares of the company’s stock worth $6,410,000 after buying an additional 96,294 shares during the period. Principal Financial Group Inc. increased its position in Silicon Motion Technology Corp. by 0.6% in the fourth quarter. Principal Financial Group Inc. now owns 398,067 shares of the company’s stock worth $12,483,000 after buying an additional 2,473 shares during the period. GSA Capital Partners LLP purchased a new position in Silicon Motion Technology Corp. during the fourth quarter worth $1,162,000. Finally, CG Asset Management LLC increased its position in Silicon Motion Technology Corp. by 76.6% in the fourth quarter. CG Asset Management LLC now owns 97,820 shares of the company’s stock worth $3,068,000 after buying an additional 42,420 shares during the period.
Silicon Motion Technology Corporation (SMTC) is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. For the mobile storage market, the Company’s products are microcontrollers used in solid state storage devices, such as Solid State Drives (SSDs), Embedded Multimedia Cards (eMMCs) and other embedded flash applications, as well as removable storage products.
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