Silicon Motion Technology (NASDAQ:SIMO) Shares Up 9.1% – Should You Buy?

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) were up 9.1% during trading on Wednesday . The company traded as high as $308.40 and last traded at $308.4030. Approximately 659,947 shares changed hands during trading, a decline of 22% from the average daily volume of 841,501 shares. The stock had previously closed at $282.68.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SIMO shares. Roth Mkm reissued a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Wedbush increased their price target on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday, April 30th. Finally, Susquehanna raised their price objective on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Silicon Motion Technology has an average rating of “Buy” and a consensus price target of $205.63.

Silicon Motion Technology Stock Up 8.6%

The company has a market cap of $10.41 billion, a price-to-earnings ratio of 61.06, a P/E/G ratio of 0.67 and a beta of 1.72. The stock has a fifty day moving average price of $220.91 and a two-hundred day moving average price of $150.57.

Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS 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 business had revenue of $342.11 million for the quarter, compared to the consensus estimate of $299.53 million. During the same period in the prior year, the company posted $0.60 earnings per share. Silicon Motion Technology’s revenue was up 105.5% compared to the same quarter last year. Analysts predict that Silicon Motion Technology Corporation will post 7.65 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Apis Capital Advisors LLC raised its position in shares of Silicon Motion Technology by 11.7% in the third quarter. Apis Capital Advisors LLC now owns 286,000 shares of the semiconductor producer’s stock valued at $27,116,000 after buying an additional 30,000 shares in the last quarter. SG Americas Securities LLC grew its position in Silicon Motion Technology by 44.3% during the fourth quarter. SG Americas Securities LLC now owns 16,290 shares of the semiconductor producer’s stock worth $1,510,000 after buying an additional 5,002 shares in the last quarter. UBS Group AG increased its stake in Silicon Motion Technology by 39.0% during the 4th quarter. UBS Group AG now owns 351,541 shares of the semiconductor producer’s stock worth $32,588,000 after acquiring an additional 98,548 shares during the period. Neumeier Poma Investment Counsel LLC increased its stake in Silicon Motion Technology by 10.7% during the 3rd quarter. Neumeier Poma Investment Counsel LLC now owns 478,463 shares of the semiconductor producer’s stock worth $45,363,000 after acquiring an additional 46,208 shares during the period. Finally, Granahan Investment Management LLC raised its holdings in Silicon Motion Technology by 59.7% in the 3rd quarter. Granahan Investment Management LLC now owns 207,758 shares of the semiconductor producer’s stock valued at $19,698,000 after acquiring an additional 77,667 shares in 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.