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

Silicon Motion Technology Corporation (NASDAQ:SIMO) reached a new 52-week high on Wednesday . The company traded as high as $133.34 and last traded at $130.0430, with a volume of 296353 shares. The stock had previously closed at $120.42.

Analyst Ratings Changes

SIMO has been the topic of several research analyst reports. Roth Mkm restated a “buy” rating and issued a $120.00 price objective on shares of Silicon Motion Technology in a report on Friday, October 31st. Needham & Company LLC reiterated a “buy” rating and set a $110.00 price target on shares of Silicon Motion Technology in a research report on Monday, November 3rd. JPMorgan Chase & Co. boosted their price target on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. William Blair initiated coverage on shares of Silicon Motion Technology in a research report on Thursday, January 22nd. They set an “outperform” rating for the company. Finally, Zacks Research downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $113.13.

Silicon Motion Technology Price Performance

The company’s 50 day simple moving average is $100.47 and its 200 day simple moving average is $91.21. The firm has a market cap of $4.26 billion, a price-to-earnings ratio of 43.07, a P/E/G ratio of 1.32 and a beta of 1.06.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, February 3rd. The semiconductor producer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.05). Silicon Motion Technology had a return on equity of 12.37% and a net margin of 12.27%.The firm had revenue of $278.46 million for the quarter, compared to analysts’ expectations of $260.64 million. During the same quarter in the previous year, the company posted $0.91 earnings per share. The firm’s quarterly revenue was up 45.7% on a year-over-year basis. As a group, analysts forecast that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current year.

Institutional Trading of Silicon Motion Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in SIMO. Brown Brothers Harriman & Co. purchased a new position in Silicon Motion Technology in the 3rd quarter valued at $26,000. WealthCollab LLC boosted its holdings 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 acquiring an additional 151 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Silicon Motion Technology by 169.4% during the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after acquiring an additional 366 shares during the period. MeadowBrook Investment Advisors LLC acquired a new stake in Silicon Motion Technology in the fourth quarter valued at about $71,000. Finally, Raymond James Financial Inc. purchased a new stake in Silicon Motion Technology in the 2nd quarter valued at approximately $75,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

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.