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

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on SIMO. Weiss Ratings restated a “buy (b-)” rating on shares of Silicon Motion Technology in a report on Monday, December 29th. Roth Mkm set a $140.00 price target on shares of Silicon Motion Technology and gave the company a “buy” rating in a research report on Wednesday, February 4th. Susquehanna boosted their price target on shares of Silicon Motion Technology from $95.00 to $120.00 and gave the company a “positive” rating in a research note on Monday, November 3rd. Wall Street Zen raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. According to data from MarketBeat, Silicon Motion Technology has a consensus rating of “Buy” and a consensus target price of $132.50.

Silicon Motion Technology Price Performance

The firm’s fifty day moving average is $106.59 and its two-hundred day moving average is $93.86. The firm has a market capitalization of $4.70 billion, a PE ratio of 38.01, a PEG ratio of 0.96 and a beta of 1.06.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Boston Partners grew its position in Silicon Motion Technology by 33.2% during the second quarter. Boston Partners now owns 735,597 shares of the semiconductor producer’s stock valued at $55,294,000 after buying an additional 183,458 shares during the period. XTX Topco Ltd purchased a new position in Silicon Motion Technology in the second quarter valued at about $1,780,000. Elevation Point Wealth Partners LLC bought a new position in shares of Silicon Motion Technology during the 2nd quarter valued at approximately $263,000. SG Americas Securities LLC bought a new position in shares of Silicon Motion Technology during the 3rd quarter valued at approximately $1,070,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Silicon Motion Technology during the 2nd quarter worth approximately $288,000. Hedge funds and other 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.