Pacific Crest reiterated their overweight rating on shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) in a report published on Wednesday. They currently have a $62.00 price objective on the semiconductor producer’s stock.

Other analysts also recently issued reports about the stock. B. Riley reiterated a buy rating and issued a $68.75 price target on shares of Silicon Motion Technology Corporation in a research report on Monday, May 1st. ValuEngine downgraded shares of Silicon Motion Technology Corporation from a buy rating to a hold rating in a research report on Friday, June 16th. Loop Capital reiterated a buy rating and issued a $61.00 price target (up from $53.00) on shares of Silicon Motion Technology Corporation in a research report on Tuesday, June 6th. Standpoint Research downgraded shares of Silicon Motion Technology Corporation from a buy rating to a reduce rating in a research report on Tuesday, June 6th. Finally, Zacks Investment Research upgraded shares of Silicon Motion Technology Corporation from a hold rating to a buy rating and set a $57.00 price target on the stock in a research report on Friday, May 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $58.31.

Shares of Silicon Motion Technology Corporation (NASDAQ SIMO) opened at 50.24 on Wednesday. Silicon Motion Technology Corporation has a 12-month low of $37.37 and a 12-month high of $56.25. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 16.11 and a beta of 0.70. The stock’s 50 day moving average is $51.34 and its 200-day moving average is $45.58.

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Several institutional investors have recently modified their holdings of SIMO. Wellington Management Group LLP boosted its position in shares of Silicon Motion Technology Corporation by 8.5% in the first quarter. Wellington Management Group LLP now owns 2,489,838 shares of the semiconductor producer’s stock valued at $116,400,000 after buying an additional 194,518 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of Silicon Motion Technology Corporation by 10.1% in the first quarter. Lazard Asset Management LLC now owns 1,639,575 shares of the semiconductor producer’s stock valued at $76,650,000 after buying an additional 150,619 shares in the last quarter. ARGA Investment Management LP acquired a new position in shares of Silicon Motion Technology Corporation during the first quarter valued at $55,464,000. Investec Asset Management LTD boosted its position in shares of Silicon Motion Technology Corporation by 5.8% in the first quarter. Investec Asset Management LTD now owns 1,119,187 shares of the semiconductor producer’s stock valued at $52,322,000 after buying an additional 61,201 shares in the last quarter. Finally, Columbia Wanger Asset Management LLC acquired a new position in shares of Silicon Motion Technology Corporation during the first quarter valued at $36,231,000. 79.86% of the stock is owned by institutional investors.

About Silicon Motion Technology Corporation

Silicon Motion Technology Corporation 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. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

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