Silicon Motion Technology (NASDAQ:SIMO) Hits New 12-Month High – What’s Next?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s stock price 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 traded. The stock had previously closed at $263.51.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SIMO. Wall Street Zen upgraded Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Roth Mkm restated a “buy” rating and set a $250.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. Susquehanna upped their price target on Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a research note on Thursday, April 30th. Wedbush upped their price target on Silicon Motion Technology from $180.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, April 30th. Finally, Craig Hallum restated a “buy” rating and set a $250.00 price target on shares of Silicon Motion Technology in a research note 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, the stock has an average rating of “Buy” and a consensus target price of $205.63.

Silicon Motion Technology Stock Up 5.1%

The firm has a market cap of $9.39 billion, a price-to-earnings ratio of 54.88, a price-to-earnings-growth ratio of 0.80 and a beta of 1.67. The business has a 50 day moving average price of $163.48 and a 200-day moving average price of $126.61.

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 analysts’ consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The business had revenue of $342.11 million during the quarter, compared to analyst estimates of $299.53 million. During the same quarter last year, the firm earned $0.60 earnings per share. The company’s revenue for the quarter was up 105.5% compared to the same quarter last year. Research analysts anticipate that Silicon Motion Technology Corporation will post 7.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silicon Motion Technology

A number of large investors have recently modified their holdings of SIMO. Wolf Hill Capital Management LP acquired a new stake in shares of Silicon Motion Technology in the fourth quarter valued at about $53,893,000. Hawk Ridge Capital Management LP grew its stake in shares of Silicon Motion Technology by 111.3% in the fourth quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock valued at $73,024,000 after buying an additional 415,000 shares in the last quarter. Man Group plc grew its stake in shares of Silicon Motion Technology by 820.7% in the fourth quarter. Man Group plc now owns 381,048 shares of the semiconductor producer’s stock valued at $35,323,000 after buying an additional 339,663 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Silicon Motion Technology by 112.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 425,697 shares of the semiconductor producer’s stock valued at $47,802,000 after buying an additional 225,221 shares in the last quarter. Finally, AIGH Capital Management LLC acquired a new stake in shares of Silicon Motion Technology in the first quarter valued at about $22,458,000. Institutional investors and hedge funds 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.