Silicon Motion Technology Corp. (NASDAQ:SIMO) shares were up 2.1% during trading on Monday . The stock traded as high as $53.50 and last traded at $52.80, with a volume of 438,011 shares traded. The stock had previously closed at $51.70.

Several research analysts have recently issued reports on SIMO shares. Ladenburg Thalmann cut shares of Silicon Motion Technology Corp. from a “buy” rating to a “neutral” rating and set a $35.00 price objective for the company. in a report on Wednesday, April 6th. Topeka Capital Markets increased their price objective on shares of Silicon Motion Technology Corp. from $37.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, April 7th. Craig Hallum increased their price objective on shares of Silicon Motion Technology Corp. from $38.00 to $48.00 and gave the company a “buy” rating in a report on Thursday, April 7th. B. Riley reiterated a “buy” rating and issued a $46.75 price objective (up from $41.00) on shares of Silicon Motion Technology Corp. in a report on Thursday, April 7th. Finally, Brean Capital reiterated a “buy” rating and issued a $46.00 price objective (up from $45.00) on shares of Silicon Motion Technology Corp. in a report on Friday, April 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $47.32.

The stock has a market capitalization of $1.86 billion and a price-to-earnings ratio of 23.49. The company’s 50 day moving average is $49.61 and its 200 day moving average is $40.26.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.10. Analysts forecast that Silicon Motion Technology Corp. will post $3.26 earnings per share for the current year.

A number of hedge funds and institutional investors recently made changes to their positions in SIMO. Garelick Capital Partners LP bought a new position in shares of Silicon Motion Technology Corp. during the fourth quarter worth $7,955,000. Royce & Associates LLC raised 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 last quarter. GSA Capital Partners LLP bought a new position in shares of Silicon Motion Technology Corp. during the fourth quarter worth $1,162,000. Finally, Principal Financial Group Inc. raised 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 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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