State of Wyoming Purchases 1,961 Shares of Silicon Motion Technology Corporation $SIMO

State of Wyoming raised its stake in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 63.6% in the fourth quarter, Holdings Channel reports. The fund owned 5,045 shares of the semiconductor producer’s stock after purchasing an additional 1,961 shares during the quarter. State of Wyoming’s holdings in Silicon Motion Technology were worth $468,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in SIMO. Brown Brothers Harriman & Co. bought a new position in Silicon Motion Technology in the 3rd quarter valued at approximately $26,000. WealthCollab LLC grew its position 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 worth $32,000 after buying an additional 151 shares during the period. EverSource Wealth Advisors LLC grew its position 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 worth $44,000 after buying an additional 366 shares during the period. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Silicon Motion Technology during the 4th quarter worth approximately $71,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of Silicon Motion Technology during the 3rd quarter worth approximately $79,000. Institutional investors own 78.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SIMO. Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. JPMorgan Chase & Co. lifted their target price on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Susquehanna boosted their price objective on Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. Roth Mkm restated a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. Finally, Weiss Ratings lowered Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $205.63.

Silicon Motion Technology Stock Performance

Shares of SIMO stock opened at $258.70 on Friday. Silicon Motion Technology Corporation has a fifty-two week low of $65.76 and a fifty-two week high of $314.34. The stock has a 50 day moving average price of $198.82 and a two-hundred day moving average price of $141.01. The company has a market capitalization of $8.77 billion, a P/E ratio of 51.43, a PEG ratio of 0.63 and a beta of 1.72.

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

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.