Silicon Motion Technology (NASDAQ:SIMO) Hits New 52-Week High – Here’s Why

Silicon Motion Technology Corporation (NASDAQ:SIMO) hit a new 52-week high during trading on Tuesday . The company traded as high as $137.94 and last traded at $137.55, with a volume of 1067724 shares traded. The stock had previously closed at $128.06.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wedbush upped their price objective 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. William Blair started coverage on shares of Silicon Motion Technology in a research report on Thursday, January 22nd. They issued an “outperform” rating for the company. JPMorgan Chase & Co. upped their price target on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Craig Hallum reissued a “buy” rating and issued a $160.00 price objective on shares of Silicon Motion Technology in a research note on Thursday. Finally, Roth Mkm set a $140.00 price objective on shares of Silicon Motion Technology and gave the company a “buy” rating in a research report on Wednesday, February 4th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Silicon Motion Technology presently has an average rating of “Moderate Buy” and a consensus target price of $132.50.

Silicon Motion Technology Price Performance

The business’s 50-day simple moving average is $103.81 and its two-hundred day simple moving average is $92.81. The stock has a market cap of $4.67 billion, a price-to-earnings ratio of 37.79, a price-to-earnings-growth ratio of 0.88 and a beta of 1.06.

Hedge Funds Weigh In On Silicon Motion Technology

Large investors have recently bought and sold shares of the company. Reinhart Partners LLC. raised its holdings in Silicon Motion Technology by 2.0% in the 3rd quarter. Reinhart Partners LLC. now owns 1,500,934 shares of the semiconductor producer’s stock valued at $142,305,000 after buying an additional 29,351 shares during the last quarter. Acadian Asset Management LLC grew its holdings in Silicon Motion Technology by 4.1% during the 2nd quarter. Acadian Asset Management LLC now owns 1,310,353 shares of the semiconductor producer’s stock worth $98,453,000 after acquiring an additional 51,978 shares during the last quarter. Pertento Partners LLP increased 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 acquiring an additional 31,405 shares during the period. Frontier Capital Management Co. LLC raised its stake in shares of Silicon Motion Technology by 115.4% during the second quarter. Frontier Capital Management Co. LLC now owns 1,281,115 shares of the semiconductor producer’s stock valued at $96,301,000 after acquiring an additional 686,261 shares during the last quarter. Finally, Lazard Asset Management LLC raised its stake in shares of Silicon Motion Technology by 2.3% during the third quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock valued at $74,299,000 after acquiring an additional 17,741 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors.

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.