Silicon Motion Technology Corp. (NASDAQ:SIMO) hit a new 52-week high on Tuesday . The company traded as high as $54.80 and last traded at $53.32, with a volume of 253,863 shares. The stock had previously closed at $53.31.

A number of equities research analysts have weighed in on the stock. Brean Capital restated a “buy” rating and issued a $60.00 price objective (up previously from $46.00) on shares of Silicon Motion Technology Corp. in a report on Monday. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective (up previously from $47.00) on shares of Silicon Motion Technology Corp. in a report on Thursday, July 7th. B. Riley restated a “buy” rating and issued a $47.75 price objective on shares of Silicon Motion Technology Corp. in a report on Saturday, July 2nd. Susquehanna restated a “positive” rating and issued a $56.00 price objective (up previously from $48.00) on shares of Silicon Motion Technology Corp. in a report on Wednesday, July 6th. Finally, Zacks Investment Research cut shares of Silicon Motion Technology Corp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. Silicon Motion Technology Corp. has a consensus rating of “Buy” and a consensus price target of $43.52.

The firm has a 50-day moving average of $45.74 and a 200-day moving average of $37.66. The firm has a market cap of $1.86 billion and a price-to-earnings ratio of 27.60.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last posted its quarterly earnings data on Wednesday, April 27th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.65 by $0.03. The firm had revenue of $112.68 million for the quarter, compared to the consensus estimate of $106.23 million. The company’s revenue was up 39.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.48 EPS. Analysts predict that Silicon Motion Technology Corp. will post $2.91 EPS for the current fiscal year.

Several hedge funds and institutional investors have recently bought and sold shares of SIMO. Great West Life Assurance Co. Can purchased a new position in Silicon Motion Technology Corp. during the fourth quarter valued at approximately $1,573,000. Columbus Circle Investors raised its position in 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 during the period. CG Asset Management LLC raised its position in 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 during the period. GSA Capital Partners LLP purchased a new position in Silicon Motion Technology Corp. during the fourth quarter valued at approximately $1,162,000. Finally, Principal Financial Group Inc. raised its position in 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 during the period.

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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