Silicon Motion Technology Corp. (NASDAQ:SIMO) shares were up 2.6% during mid-day trading on Thursday . The stock traded as high as $52.20 and last traded at $51.81, with a volume of 713,944 shares. The stock had previously closed at $50.48.

Several research analysts recently issued reports on SIMO shares. Zacks Investment Research raised shares of Silicon Motion Technology Corp. from a “hold” rating to a “strong-buy” rating and set a $64.00 target price on the stock in a research note on Thursday, July 21st. Susquehanna reissued a “positive” rating and set a $56.00 target price (up from $48.00) on shares of Silicon Motion Technology Corp. in a research note on Wednesday, July 6th. Brean Capital reissued a “buy” rating on shares of Silicon Motion Technology Corp. in a research note on Monday, July 18th. Needham & Company LLC reissued a “buy” rating and set a $47.00 target price on shares of Silicon Motion Technology Corp. in a research note on Wednesday, June 29th. Finally, Nomura reissued a “buy” rating and set a $62.00 target price (up from $46.00) on shares of Silicon Motion Technology Corp. in a research note on Tuesday, July 12th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $50.96.

The company’s 50 day moving average is $52.90 and its 200 day moving average is $43.51. The stock has a market capitalization of $1.82 billion and a P/E ratio of 22.94.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last issued its earnings results on Thursday, July 21st. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.76 by $0.10. Analysts expect that Silicon Motion Technology Corp. will post $3.26 EPS 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 Silicon Motion Technology Corp. (NASDAQ:SIMO) by 0.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 398,067 shares of the company’s stock after buying an additional 2,473 shares during the period. Principal Financial Group Inc. owned about 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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