Silicon Motion Technology Corp. (NASDAQ:SIMO) shares dropped 2.4% during trading on Thursday . The stock traded as low as $53.88 and last traded at $54.23, with a volume of 671,333 shares traded. The stock had previously closed at $55.55.

SIMO has been the subject of several research analyst reports. Brean Capital restated a “buy” rating and set a $45.00 price target (up from $38.00) on shares of Silicon Motion Technology Corp. in a research report on Wednesday, March 23rd. B. Riley restated a “buy” rating and set a $46.75 price target on shares of Silicon Motion Technology Corp. in a research report on Tuesday, April 12th. Needham & Company LLC reiterated a “buy” rating on shares of Silicon Motion Technology Corp. in a research note on Thursday, April 28th. Susquehanna reiterated a “buy” rating and issued a $48.00 price objective (up from $46.00) on shares of Silicon Motion Technology Corp. in a research note on Thursday, April 28th. Finally, Craig Hallum increased their price objective on Silicon Motion Technology Corp. from $38.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, April 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $47.18.

The company has a 50 day moving average price of $47.98 and a 200-day moving average price of $38.75. The stock has a market cap of $1.89 billion and a price-to-earnings ratio of 28.03.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.10. On average, equities analysts forecast that Silicon Motion Technology Corp. will post $2.94 EPS for the current fiscal year.

Several hedge funds recently made changes to their positions in the stock. 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. 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. 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, Garelick Capital Partners LP bought a new stake in shares of Silicon Motion Technology Corp. during the fourth quarter valued at 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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