Shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $55.95 and last traded at $55.73, with a volume of 444,400 shares. The stock had previously closed at $54.22.

A number of analysts recently issued reports on SIMO shares. Brean Capital reissued a “buy” rating and set a $45.00 target price (up from $38.00) on shares of Silicon Motion Technology Corp. in a research note on Wednesday, March 23rd. Ladenburg Thalmann cut Silicon Motion Technology Corp. from a “buy” rating to a “neutral” rating and set a $35.00 target price for the company. in a research note on Wednesday, April 6th. Topeka Capital Markets increased their target price on Silicon Motion Technology Corp. from $37.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, April 7th. Craig Hallum increased their target price on Silicon Motion Technology Corp. from $38.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, April 7th. Finally, B. Riley reissued a “buy” rating and set a $46.75 target price (up from $41.00) on shares of Silicon Motion Technology Corp. in a research note on Thursday, April 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. Silicon Motion Technology Corp. has a consensus rating of “Buy” and a consensus price target of $46.04.

The firm’s 50-day moving average is $47.18 and its 200-day moving average is $38.39. The stock has a market capitalization of $1.95 billion and a price-to-earnings ratio of 29.01.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last issued its quarterly earnings results on Wednesday, April 27th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.03. During the same period last year, the firm posted $0.48 earnings per share. The business earned $112.68 million during the quarter, compared to analyst estimates of $106.23 million. Silicon Motion Technology Corp.’s quarterly revenue was up 39.7% compared to the same quarter last year. Equities analysts anticipate that Silicon Motion Technology Corp. will post $2.94 EPS for the current fiscal year.

A number of large investors recently made changes to their positions in SIMO. GSA Capital Partners LLP bought a new stake in shares of Silicon Motion Technology Corp. during the fourth quarter valued at about $1,162,000. Royce & Associates LLC increased its position 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 worth $6,410,000 after buying an additional 96,294 shares during the period. Principal Financial Group Inc. increased its position 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 worth $12,483,000 after buying an additional 2,473 shares during the period. Finally, Garelick Capital Partners LP acquired a new position in shares of Silicon Motion Technology Corp. during the fourth quarter worth about $7,955,000.

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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