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

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) hit a new 52-week high during trading on Friday . The stock traded as high as $275.00 and last traded at $275.50, with a volume of 178575 shares trading hands. The stock had previously closed at $263.51.

Analysts Set New Price Targets

Several analysts recently commented on SIMO shares. Susquehanna increased their price objective on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a research report on Thursday, April 30th. 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. Craig Hallum reissued a “buy” rating and set a $250.00 price objective on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Roth Mkm reissued a “buy” rating and set a $250.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. Finally, B. Riley Financial reissued a “buy” rating on shares of Silicon Motion Technology in a research 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 given a Hold rating to the stock. Based on data from MarketBeat, Silicon Motion Technology has a consensus rating of “Buy” and an average price target of $205.63.

Silicon Motion Technology Trading Up 4.8%

The firm has a market cap of $9.36 billion, a P/E ratio of 54.90, a PEG ratio of 0.85 and a beta of 1.67. The company’s 50 day simple moving average is $166.53 and its 200-day simple moving average is $127.65.

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

Hedge Funds Weigh In On Silicon Motion Technology

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