Silicon Motion Technology (NASDAQ:SIMO) Reaches New 12-Month High – Still a Buy?

Silicon Motion Technology Corporation (NASDAQ:SIMO) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $294.99 and last traded at $278.9370, with a volume of 33737 shares changing hands. The stock had previously closed at $284.98.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Weiss Ratings downgraded shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Roth Mkm reissued a “buy” rating and issued a $250.00 price target on shares of Silicon Motion Technology in a report on Wednesday, April 29th. JPMorgan Chase & Co. upped their price objective on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Needham & Company LLC raised their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Finally, Wedbush lifted their target price on Silicon Motion Technology from $180.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $205.63.

Silicon Motion Technology Stock Performance

The firm’s fifty day simple moving average is $176.17 and its 200 day simple moving average is $131.84. The stock has a market capitalization of $9.52 billion, a price-to-earnings ratio of 55.73, a P/E/G ratio of 0.90 and a beta of 1.67.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The company had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. During the same quarter in the prior year, the company earned $0.60 earnings per share. The business’s quarterly revenue was up 105.5% compared to the same quarter last year. Analysts forecast that Silicon Motion Technology Corporation will post 7.77 earnings per share for the current year.

Institutional Trading of Silicon Motion Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Reinhart Partners LLC. boosted its position in shares of Silicon Motion Technology by 4.8% during the fourth quarter. Reinhart Partners LLC. now owns 1,573,355 shares of the semiconductor producer’s stock worth $145,851,000 after buying an additional 72,421 shares during the period. Pertento Partners LLP raised its position in Silicon Motion Technology by 2.5% in the 3rd quarter. Pertento Partners LLP now owns 1,290,409 shares of the semiconductor producer’s stock valued at $122,344,000 after buying an additional 31,405 shares during the last quarter. Hawk Ridge Capital Management LP lifted its stake in Silicon Motion Technology by 48.9% in the 1st quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer’s stock valued at $131,752,000 after acquiring an additional 385,568 shares in the last quarter. Lazard Asset Management LLC boosted its position in Silicon Motion Technology by 2.3% during the 3rd quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock worth $74,299,000 after acquiring an additional 17,741 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in Silicon Motion Technology by 40.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 623,953 shares of the semiconductor producer’s stock worth $57,840,000 after acquiring an additional 181,206 shares during the last quarter. Institutional investors and hedge funds 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.