Shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) were down 0.9% during trading on Tuesday . The stock traded as low as $52.50 and last traded at $52.85, with a volume of 327,695 shares. The stock had previously closed at $53.33.

Several analysts recently issued reports on SIMO shares. B. Riley reaffirmed a “buy” rating and set a $66.50 price objective on shares of Silicon Motion Technology Corp. in a report on Monday, July 25th. Nomura reaffirmed a “buy” rating and set a $62.00 price objective (up from $46.00) on shares of Silicon Motion Technology Corp. in a report on Tuesday, July 12th. Needham & Company LLC reaffirmed a “buy” rating on shares of Silicon Motion Technology Corp. in a report on Thursday, April 28th. Brean Capital reaffirmed a “buy” rating and set a $60.00 price objective on shares of Silicon Motion Technology Corp. in a report on Tuesday, July 26th. Finally, Zacks Investment Research downgraded shares of Silicon Motion Technology Corp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 8th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $50.96.

The firm has a market capitalization of $1.73 billion and a P/E ratio of 21.85. The stock’s 50-day moving average price is $53.09 and its 200 day moving average price is $42.82.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last posted 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. On average, equities analysts forecast that Silicon Motion Technology Corp. will post $3.26 earnings per share for the current year.

A hedge fund recently raised its stake in Silicon Motion Technology Corp. stock. Principal Financial Group Inc. boosted its stake in shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) by 0.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 398,067 shares of the company’s stock after buying an additional 2,473 shares during the period. Principal Financial Group Inc. owned 1.14% of Silicon Motion Technology Corp. worth $12,483,000 at the end of the most recent reporting period.

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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