Silicon Motion Technology Corp. (NASDAQ:SIMO)’s share price shot up 4.8% during trading on Thursday . The stock traded as high as $52.88 and last traded at $50.24, with a volume of 1,614,287 shares trading hands. The stock had previously closed at $47.94.

Several research firms have commented on SIMO. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Silicon Motion Technology Corp. in a research report on Thursday. B. Riley reiterated a “buy” rating and issued a $47.75 target price on shares of Silicon Motion Technology Corp. in a research report on Saturday, July 2nd. Susquehanna reiterated a “positive” rating and issued a $56.00 target price (up from $48.00) on shares of Silicon Motion Technology Corp. in a research report on Wednesday. Zacks Investment Research downgraded Silicon Motion Technology Corp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 8th. Finally, Brean Capital reiterated a “buy” rating on shares of Silicon Motion Technology Corp. in a research report on Wednesday, April 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. Silicon Motion Technology Corp. currently has an average rating of “Buy” and a consensus target price of $42.44.

The company’s 50 day moving average price is $44.80 and its 200 day moving average price is $37.19. The stock has a market capitalization of $1.76 billion and a PE ratio of 26.210.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, April 27th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.03. The firm earned $112.68 million during the quarter, compared to analysts’ expectations of $106.23 million. Silicon Motion Technology Corp.’s revenue for the quarter was up 39.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 earnings per share. Equities analysts expect that Silicon Motion Technology Corp. will post $2.74 EPS for the current fiscal year.

A number of large investors recently modified their holdings of SIMO. Columbus Circle Investors boosted its stake in shares of Silicon Motion Technology Corp. by 38.2% in the fourth quarter. Columbus Circle Investors now owns 494,429 shares of the company’s stock valued at $15,505,000 after buying an additional 136,707 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Silicon Motion Technology Corp. by 0.6% in the fourth quarter. Principal Financial Group Inc. now owns 398,067 shares of the company’s stock valued at $12,483,000 after buying an additional 2,473 shares in the last quarter. Garelick Capital Partners LP bought a new stake in shares of Silicon Motion Technology Corp. during the fourth quarter valued at $7,955,000. Royce & Associates LLC boosted its stake in shares of Silicon Motion Technology Corp. by 89.1% in the fourth quarter. Royce & Associates LLC now owns 204,400 shares of the company’s stock valued at $6,410,000 after buying an additional 96,294 shares in the last quarter. Finally, CG Asset Management LLC boosted its stake in shares of Silicon Motion Technology Corp. by 76.6% in the fourth quarter. CG Asset Management LLC now owns 97,820 shares of the company’s stock valued at $3,068,000 after buying an additional 42,420 shares in the last quarter.

Silicon Motion Technology Corporation (SMTC) is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. For the mobile storage market, the Company’s products are microcontrollers used in solid state storage devices, such as Solid State Drives (SSDs), Embedded Multimedia Cards (eMMCs) and other embedded flash applications, as well as removable storage products.

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