Silicon Motion Technology Corp. (NASDAQ:SIMO) shares traded up 2.6% 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 have weighed in on the company. Zacks Investment Research raised Silicon Motion Technology Corp. from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Tuesday, June 28th. Brean Capital reiterated a “buy” rating and set a $60.00 target price (up from $46.00) on shares of Silicon Motion Technology Corp. in a research note on Monday, July 11th. Susquehanna reiterated 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. B. Riley reiterated a “buy” rating and set a $64.50 target price on shares of Silicon Motion Technology Corp. in a research note on Tuesday, July 19th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price (up from $47.00) on shares of Silicon Motion Technology Corp. in a research note on Thursday, July 7th. Two 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’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $50.96.

The company has a 50-day moving average price of $52.88 and a 200-day moving average price of $43.57. The company has a market capitalization of $1.89 billion and a PE ratio of 23.84.

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

A hedge fund recently raised its stake in Silicon Motion Technology Corp. stock. Principal Financial Group Inc. increased its position in Silicon Motion Technology Corp. (NASDAQ:SIMO) by 0.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

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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