Silicon Motion Technology (NASDAQ:SIMO) Hits New 12-Month High – Here’s Why

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $147.60 and last traded at $143.4150, with a volume of 129044 shares. The stock had previously closed at $141.95.

Wall Street Analyst Weigh In

SIMO has been the subject of a number of research analyst reports. Needham & Company LLC increased their target price on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Zacks Research downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. 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. Craig Hallum reissued a “buy” rating and set a $160.00 target price on shares of Silicon Motion Technology in a research report on Thursday, February 5th. Finally, Wedbush increased their target price on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $132.50.

Silicon Motion Technology Stock Performance

The stock has a market cap of $4.86 billion, a PE ratio of 39.31, a PEG ratio of 0.96 and a beta of 1.09. The stock has a fifty day simple moving average of $126.24 and a two-hundred day simple moving average of $108.71.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Brown Brothers Harriman & Co. purchased a new position in shares of Silicon Motion Technology during the 3rd quarter valued at approximately $26,000. WealthCollab LLC boosted its stake in shares of Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after buying an additional 151 shares during the last quarter. Arax Advisory Partners boosted its stake in shares of Silicon Motion Technology by 220.9% during the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after buying an additional 307 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC purchased a new position in shares of Silicon Motion Technology during the 4th quarter valued at approximately $71,000. Hedge funds and other 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.