Silicon Motion Technology Corp. (NASDAQ:SIMO) shares reached a new 52-week high during mid-day trading on Tuesday . The stock 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.

SIMO has been the subject of several research analyst reports. Ladenburg Thalmann cut Silicon Motion Technology Corp. from a “buy” rating to a “neutral” rating and set a $35.00 price objective for the company. in a research report on Wednesday, April 6th. Susquehanna reiterated a “positive” rating and issued a $56.00 price objective (up previously from $48.00) on shares of Silicon Motion Technology Corp. in a research report on Wednesday, July 6th. Brean Capital reiterated a “buy” rating and issued a $45.00 price objective (up previously from $38.00) on shares of Silicon Motion Technology Corp. in a research report on Wednesday, March 23rd. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective (up previously from $47.00) on shares of Silicon Motion Technology Corp. in a research report on Thursday, July 7th. Finally, Zacks Investment Research upgraded Silicon Motion Technology Corp. from a “hold” rating to a “strong-buy” rating and set a $46.00 price target for the company in a research report on Monday, April 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $44.84.

The firm has a market cap of $1.84 billion and a PE ratio of 27.28. The stock has a 50 day moving average price of $46.32 and a 200 day moving average price of $37.88.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last released its quarterly earnings results on Wednesday, April 27th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.03. During the same quarter last year, the company posted $0.48 EPS. The company had revenue of $112.68 million for the quarter, compared to the consensus estimate of $106.23 million. The business’s revenue was up 39.7% compared to the same quarter last year. On average, equities research analysts predict that Silicon Motion Technology Corp. will post $2.94 earnings per share for the current year.

Several hedge funds recently added to or reduced their stakes in SIMO. Garelick Capital Partners LP bought a new stake in Silicon Motion Technology Corp. during the fourth quarter valued at about $7,955,000. Royce & Associates LLC increased 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 during the last quarter. Great West Life Assurance Co. Can acquired a new stake in shares of Silicon Motion Technology Corp. during the fourth quarter valued at $1,573,000. GSA Capital Partners LLP acquired a new stake in shares of Silicon Motion Technology Corp. during the fourth quarter valued at $1,162,000. Finally, Principal Financial Group Inc. increased 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 during 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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