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Topeka Capital Markets boosted their target price on shares of Silicon Motion Technology (NASDAQ:SIMO) from $16.00 to $20.00 in a research note issued on Tuesday, ARN reports. Topeka Capital Markets’ target price indicates a potential upside of 34.41% from the stock’s previous close.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Tuesday, January 28th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.09. The company had revenue of $52.49 million for the quarter, compared to the consensus estimate of $51.82 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was down 25.7% on a year-over-year basis.

The company also recently declared a quarterly dividend, which is scheduled for Tuesday, February 25th. Investors of record on Tuesday, February 18th will be given a dividend of 0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.03%.

Several other analysts have also recently commented on the stock. Analysts at Northland Capital Partners raised their price target on shares of Silicon Motion Technology from $15.00 to $20.00 in a research note to investors on Tuesday. They now have an “outperform” rating on the stock. Separately, analysts at Needham & Company raised their price target on shares of Silicon Motion Technology from $18.00 to $20.00 in a research note to investors on Tuesday. Finally, analysts at Needham & Company upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research note to investors on Wednesday, January 22nd. They now have a $18.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Silicon Motion Technology has an average rating of “Buy” and an average target price of $19.40.

Silicon Motion Technology Corporation (NASDAQ:SIMO) is a fabless semiconductor company that designs, develops and markets semiconductor solutions for the multimedia consumer electronics market.

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