Shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) fell 1.8% during trading on Friday . The stock traded as low as $52.66 and last traded at $53.15, with a volume of 365,271 shares. The stock had previously closed at $54.14.

Several brokerages recently commented on SIMO. Zacks Investment Research raised shares of Silicon Motion Technology Corp. from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a report on Tuesday, June 28th. Brean Capital reaffirmed a “buy” rating and set a $60.00 target price (up previously from $46.00) on shares of Silicon Motion Technology Corp. in a report on Monday, July 11th. Susquehanna reaffirmed a “buy” rating and set a $48.00 target price (up previously from $46.00) on shares of Silicon Motion Technology Corp. in a report on Thursday, April 28th. B. Riley reaffirmed a “buy” rating and set a $64.50 target price on shares of Silicon Motion Technology Corp. in a report on Tuesday, July 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price (up previously from $47.00) on shares of Silicon Motion Technology Corp. in a report on Thursday, July 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Silicon Motion Technology Corp. presently has an average rating of “Buy” and a consensus target price of $47.32.

The company’s 50-day moving average is $50.26 and its 200 day moving average is $40.54. The stock has a market capitalization of $1.89 billion and a P/E ratio of 23.81.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last issued its earnings results on Thursday, July 21st. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.10. On average, equities analysts predict that Silicon Motion Technology Corp. will post $3.26 earnings per share for the current fiscal year.

Other institutional investors have modified their holdings of the company. GSA Capital Partners LLP acquired a new position in shares of Silicon Motion Technology Corp. during the fourth quarter worth $1,162,000. 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 in the last quarter. 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 in the last quarter. Finally, Garelick Capital Partners LP acquired a new position in shares of Silicon Motion Technology Corp. during the fourth quarter worth $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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